verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . october 2009 learn how and when to remove this template message cibc mellon type joint venture industry financial services founded toronto ontario canada 1996 1996 headquarters toronto ontario canada number of locations 6 offices 2009 area served canada key people thomas s. monahan president and ceo samir pandiri chairman 1 services asset servicing owner 50 % cibc ; 50 % bny mellon number of employees 1 000 divisions cibc mellon trust company cmtc and cibc mellon global securities services company cmgss website cibcmellon.com footnotes references note that cmtc and cmgss are in fact sister companies to each other but operate seamlessly cibc mellon was founded in 1996 as a joint venture between the canadian imperial bank of commerce hereafter cibc and the mellon financial corporation now the bank of new york mellon hereafter mellon to offer asset servicing to institutional investors . while commonly known as cibc mellon the company comprises two sister companies cibc mellon trust company and cibc mellon global securities services company compagnie trust cibc mellon and soci t de services de titres mondiaux cibc mellon in french respectively . based in toronto ontario cibc mellon offers asset servicing to corporate and institutional clients . on 16 february 2010 the wall street journal reported that bny trust co. of canada would be acquiring the corporate trust assets of cibc mellon . 2 on 28 july 2010 it was reported that pacific equity partners would acquire cibc mellon trust company s issuer services business stock transfer and employee share purchase plan . 3 contents 1 offices 2 history 2.1 pacific corporate trust company 2.2 felcom data services acquisition 2.3 sale of issuer services business to canadian stock transfer company inc. 3 structure 3.1 executive management team 3.1.1 past presidents and ceo s 3.2 board of directors 3.2.1 chairmen 4 securities investigations 4.1 pay pop inc. 4.2 privacy breach 4.3 related party transactions with enron 5 references offices edit cibc mellon s head office is in toronto at 320 bay street in the historic canada permanent trust building . cibc mellon holds the lease from the ground to 12th floor and in 2002 restored the banking hall which had been used by canada trust for their use . there are satellite offices in canada calgary alberta 6th floor dome tower halifax nova scotia suite 1401 cibc building london ontario 5th floor richmond court 150 dufferin avenue montreal quebec suite 650 1 1001 de maisonneuve blvd. west vancouver british columbia suite 1670 oceanic plaza 1066 west hastings street history edit cibc mellon was founded in 1996 after cibc joined with mellon financial corporation in a 50 50 joint venture named cibc mellon global securities services cmgss . 4 the following year 1997 cibc purchased a 50 % stake in the r m trust company from mellon which would become cmgss s sister company cibc mellon trust company cmtc . 5 cibc mellon acquired the pension and institutional trust businesses from canada trust in 1997 6 and the global custody business from the bank of montreal in 1999 . 7 in 2002 cibc mellon acquired from td financial group their third party investment fund custody business . 8 pacific corporate trust company edit in 1998 it seemed that cibc mellon would be acquiring the pacific corporate trust company of vancouver british columbia . that deal eventually fell through and it was subsequently acquired by computershare limited in 2005 . 9 10 felcom data services acquisition edit on october 8 2009 cibc mellon announced the acquisition of the unitholder recordkeeping and fund administration business of felcom data services inc. a wholly owned subsidiary of jovian capital corporation for a purchase price of approximately c 4.2 million . cibc mellon indicated that they would offer employment to the majority of employees involved in the business lines acquired . 11 sale of issuer services business to canadian stock transfer company inc. edit on november 1 2010 cibc mellon sold its issuer services business stock transfer and employee share purchase plans to canadian stock transfer company inc. 12 structure edit cibc mellon is a 50 50 joint venture between cibc and bny mellon . cibc mellon operates independently from both of its owners . while both cmtc and cmgss physically occupy the same space and in essence operate as one company each has a separate board of directors which overlap the other . the executive management team however has authority over both companies . executive management team edit the current executive management team as of august 2012 comprises the following 13 thomas s. monahan president and chief executive officer richard anton senior vice president and chief operations officer rob ferguson senior vice president capital markets business development and relationship management claire johnson senior vice president strategic initiatives duncan webb senior vice president chief financial officer sue simone senior vice president human resources and corporate communications kelly hastings vice president chief risk officer benjamin kenton vice president head of internal audit past presidents and ceo s edit douglas nowers 1996 1998 thomas c. macmillan 1998 2009 board of directors edit the current board of directors as of september 2015 comprises the following samir pandiri chairman cibc mellon boards of directors and ceo of asset servicing bny mellon michael boluch executive vice president technology cibc harry k. culham senior executive vice president and group head wholesale banking cibc world markets john ferren senior vice president compensation & benefits cibc jeffrey graham partner borden ladner gervais llp peter t. johnston executive vice president client service delivery shared services bny mellon thomas s. monahan president & ceo cibc mellon 1 cmt director only james slater executive vice president and global head of securities finance bny mellon geoffrey m. weiss senior vice president corporate cfo & investor relations cibc the current corporate secretary is elizabeth earle . 14 chairmen edit richard e venn until 2009 thomas c. macmillan until 2012 securities investigations edit cibc mellon has been the subject of two securities investigations . the first in 1998 involved the now defunct pay pop inc. the second in 2004 involved the disclosure of custodial information to an outside source . pay pop inc. edit in 1998 alnoor jiwan a manager in cibc mellon s vancouver office was approached by pay pop inc. and asked whether cibc mellon could issue pay pop inc. shares without the required disclaimer which stated that the securities were not registered with the sec . it was alleged by the sec in the subsequent investigation that mr jiwan knew that the securities were not registered but agreed to act as the transfer agent in order to issue the stock certificates in return for 820 000 pay pop shares . the sec subsequently cited cibc mellon for acting as an unregistered broker and transfer agent and for offering to sell unregistered securities in addition to alleging that the company was uncooperative in the investigation . alnoor jiwan was subsequently terminated for cause from cibc mellon following the companies discovery of the transactions and simultaneously ceasing all dealings with pay pop inc. 15 cmtc agreed to pay a civil monetary penalty of us 5 million and disgorgement of 889 773 and prejudgment interest of 140 270 . cmtc was permanently enjoined from prescribed violations of securities act section 5 exchange act section 10 b and rule 10b 5 exchange act section 15 a exchange act section 17a c 1 and from aiding and abetting future violations of exchange act section 10 b or rule 10b 5 . payment was made on march 4 2005 . cmtc also consented without admitting or denying the sec complaint s allegations to the entry of an sec administrative order based on the final judgment on march 2 2005 . pursuant to the order cmtc was censured and agreed to an undertaking to engage an independent consultant to review its relevant businesses and procedures . 14 privacy breach edit in 2004 a long term employee of cibc mellon was terminated after it had been discovered that they had been disclosing institutional holdings in certain companies to unidentified parties in return for gifts . it was reported that the employee had received hockey and baseball tickets as well as up to 100 in cash for tips on big investors who owned specific stocks . the disclosures were discovered when a temporary worker received a request for data through an email . the subsequent investigation which included reviewing phone and email records discovered that the employee had been disclosing information for years . 16 related party transactions with enron edit in 2003 cibc paid out 80 million in charges for complicity with its involvement with enron . while the involvement was not related to cibc mellon as cibc is a majority stakeholder it was required that it be reported on the ta 1 to the sec . 14 references edit a b cibc mellon board of directors van hasselt caroline 16 february 2010 . canada s bny trust to buy cibc mellon s corporate trust business sources . wall street journal . retrieved 16 february 2010 . dead link cibc mellon and pacific equity partners sign agreement for purchase of issuer services business new york times february 13 1996 pittsburgh post gazette june 4 1997 pp . c8 ; mellon sells half of unit toronto star may 8 1997 pp . d7 ; canada trust plans sale pittsburgh post gazette may 18 1999 pp . f1 ; also in business http www.efinancialnews.com homepage content 570779 printerfriendly cibc mellon global securities acquires pacific corporate trust co computershare acquires pacific corporate trust company cibc mellon press release october 8 2009 canadian stock transfer company inc. press release november 3 2010 cibc mellon s executive management team a b c ta1 dated january 12 2011 toronto star february 17 2005 p.d. 4 toronto star december 9 2004 p. c. 1 v t e canadian imperial bank of commerce chief executive officer gerald t. mccaughey fiscal year 2009 statistics net income 1.17 billion cad market capitalization 23.8 billion cad assets 335.94 billion cad employees 41 941 stock symbols tsx cm nyse cm website www.cibc.com major brands by financial service master cibc financial group cibc canadian banking cibc caribbean banking cibc firstcaribbean international bank international banking cibc private wealth management canadian mutual funds cibc mutual funds canadian brokerage cibc investor s edge and cibc wood gundy canadian insurance cibc insurance capital markets cibc world markets custodial cibc mellon retrieved from https en.wikipedia.org w index.php title cibc mellon & oldid 725804246 categories trust companies of canadacompanies based in torontojoint venturescompanies established in 1996canadian imperial bank of commercehidden categories all articles with dead external linksarticles with dead external links from october 2010articles needing additional references from october 2009all articles needing additional references navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 18 june 2016 at 00 15 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy 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