CIBC Mellon Global Securities Services Co. said Monday it has completed the $4.2 million acquisition of the unitholder recordkeeping and fund administration business of Felcom Data Services Inc., a wholly owned subsidiary of Jovian Capital Corp.

The transaction, announced on October 8, includes the transfer of Felcom’s client contracts and the majority of the company’s employees to CIBC Mellon.

“The acquisition of our new recordkeeping and fund administration services underscores our commitment to offering our clients a premier asset servicing solution that can be bundled and customized to deliver enhanced productivity and ongoing growth,” says Thomas C. MacMillan, president and chief CEO, CIBC Mellon.

With the closing of this acquisition, CIBC Mellon says investment fund clients will greatly benefit from the extensive range of services they will have access to, including unitholder recordkeeping and fund administration, market-leading online reporting and a wealth of custody opportunities.

CIBC Mellon is 50-50 jointly owned by CIBC and BNY Mellon.

IE