CIBC Mellon has purchased the third party investment fund custody business from TD Bank Financial Group. CIBC Mellon will now serve as TD Bank's primary supplier of internal custodial services.

"We see this transaction as delivering a tremendous amount of value to everyone involved," stated Thomas C. MacMillan, CIBC Mellon president and ceo. "Clients currently receiving custodial services from TD Bank Financial Group will be introduced to an industry leading provider whose core business is custody services and whose operations are based on a strong client focus and best-in-class technology. In addition, clients will be able to maintain many of their relationships with TD Bank Financial Group staff members as offers of employment will be made to all TD employees associated with the institutional custody business that was sold."

Further, AGF Management's subsidiary, AdminSource, has purchased TD Bank's third party fund valuation and shareholder recordkeeping unit. 

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