Products October 22, 2013

BNY Mellon, CIBC Mellon Merge Securities Lending Desks

BNY Mellon and CIBC Mellon, the bank’s joint venture with Canadian Imperial Bank of Commerce, have merged the firms’ respective securities lending desks.
Reported by

Under the new arrangement, the merged securities lending team hopes to bring BNY Mellon’s global markets perspective to CIBC Mellon clients. In turn, CIBC Mellon’s experience in the Canadian markets will be made available to BNY Mellon clients, bringing the potential for improved returns on Canadian securities.

Additionally, a full suite of Workbench daily client reporting tools is now available to CIBC Mellon clients.

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Effective immediately, the desk integration is aimed at expanding global trading service levels and enhancing coverage for the banks’ securities finance business clients. The merged securities lending desk staff works out of New York, Pittsburgh, Toronto, London and Hong Kong.

Rob Ferguson, senior vice president of capital markets for CIBC Mellon, said the alignment of the banks’ trading desk teams comes after years of close collaboration and coordination. 

As part of BNY Mellon’s global collateral services division, the securities finance business encompasses more than $2.5 trillion in lendable assets and outstanding loan balances of approximately $250 billion. CIBC Mellon’s securities lending program manages about $485 billion in lendable assets with just over $58 billion on loan.

Deals & People October 22, 2013

LIMRA, LOMA Create Secure Retirement Institute

LIMRA and LOMA President and CEO Robert A. Kerzner announced the board of directors for the newly established Secure Retirement Institute.
Reported by

According to Kerzner, the institute will focus on advancing research and education as catalysts for innovation within the industry to help improve retirement readiness and promote retirement security. Its board of directors brings together senior leaders from across the financial services retirement landscape to discuss and identify what can be done to improve retirement readiness.

The board members include:

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  • Gumer Alvero, executive vice president and general manager, RiverSource Annuities, Ameriprise;
  • William C. Anderson, senior vice president, American Funds Distributors, Inc.;
  • Maliz Beams, CEO, Retirement Solutions, ING U.S.;
  • Gregory Burrows, senior vice president, Retirement and Investor Services, Principal Financial Group;
  • Dewey P. Bushaw, executive vice president, Retirement Solutions Division, Pacific Life Insurance Company;
  • Kent G. Callahan, president and CEO, Employer Solutions & Pensions Division, Transamerica;
  • Chip Castille, managing director, BlackRock, Inc.;
  • William Chetney, executive vice president, LPL Financial Services;
  • Charles C. Cornelio, president, Retirement Plan Services, Lincoln Financial Group;
  • Aimee DeCamillo, vice president of T. Rowe Price Group, Inc. and co-lead of Retirement Plan Services;
  • Peter Gordon, president and general manager, John Hancock Retirement Plan Services;
  • John M. Grogan, Jr., senior vice president, Planning and Sales, Northwestern Mutual;
  • Eric S. Henderson, senior vice president, Life Insurance and Annuities, Nationwide Financial;
  • David N. Levenson, principal, Retirement, Insurance and Banking, Edward D. Jones & Co., L.P.;
  • Drew Lawton, senior managing director, Retirement Solutions and Third Party Distribution, New York Life Investments Group;
  • Bill L. Lowe, president, Sammons Retirement Solutions;
  • Julia McCarthy, executive vice president, Workplace Marketing, Solutions & Experience, Fidelity;
  • James McCool, executive vice president, Client Solutions, Charles Schwab & Co., Inc.;
  • Edmund F. Murphy III, head of Defined Contribution, Putnam Investments;
  • Charlie P. Nelson, president, Retirement Services, Great-West Financial Services;
  • Robert F. O’Donnell, president, Prudential Annuities;
  • Joseph F. Ready, executive vice president and director, Wells Fargo Institutional Retirement and Trust, Wells Fargo;
  • Katherine Roy, executive director, Individual Retirement, JP Morgan Asset Management;
  • Elaine A. Sarsynski, executive vice president, MassMutual’s Retirement Services Division, chairman, MassMutual International;
  • Jon Stenberg, executive vice president and general manager, RiverSource Insurance, Ameriprise; and
  • Eric J. Thomes, senior vice president, Sales, Allianz Life Insurance Company of North America.

“Retirement is top of mind for most Americans but our research shows that many consumers have not saved or planned enough to achieve a financially secure retirement,” said Kerzner. “While there has been much debate on what is causing this lack of preparedness, I think we can all agree that getting better understanding on the fundamental issues undermining Americans’ financial security in the hands of decisionmakers is critical and would help certainly move us in the right direction.”

Kerzner added that he hopes the institute will “lead our industry in the exploration and discussion of what a secure retirement means today, what it will mean in the future and how our industry will adjust to meet the changing needs of Americans, and help them reach their financial goals throughout their lives.”

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