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Samir Pandiri has been named chairman of the board of CIBC Mellon. He took over on Apr. 1 from Vincent Sands. CIBC Mellon is co-owned by Bank of New York Mellon Corp. and Canadian Imperial Bank of Commerce.
Mr. Pandiri also serves as CEO, asset servicing with Bank of New York Mellon Corp, a position he has held since March 2013. He spent 11 years at JPMorgan Chase & Co. in the corporate trust department before joining BNY Mellon in 2005. He works out of New York City.
In recent years CIBC Mellon has streamlined its Canadian operations to focus on asset servicing, which accounts for the bulk of its business. It has $1.5-trillion in assets under administration for institutional clients such as pension funds, insurance companies and exchange traded fund companies. From record keeping, to custodian services, to mailing retirees their pension checks, to calculating net asset value (NAV) on an ETF, asset servicing encompasses a wide range of unglamorous but essential back office functions for companies in the financial services sector.
"Clients are seeing growing demands for information, reporting, transparency from regulators and end investors," said Mr. Pandiri in an interview.
"The Canadian market has a number of unique features, including a highly consolidated banking sector and a fairly complex regulatory environment. Canada is of course a smaller market than the U.S. but it has a number of very sophisticated players who have global needs and very high expectations. Canadian players are every bit as demanding as their peers in other markets."
Niall McGee