A joint venture of Mellon Bank Corp. and Canadian Imperial Bank of Commerce has agreed to acquire the pension and institutional trust as well as custody businesses of Canada Trust Co. for $113 million.

CIBC Mellon Global Securities Services Co. would acquire about $148 billion of assets under administration, bringing its total assets under administration to $252 billion and turning the joint venture into the second-largest custody business in Canada, according to Pittsburgh-based Mellon.

About 250 Canada Trust employees would be transferred to CIBC Mellon.

The 50-50 joint venture, formed last year, provides pension and institutional investors with domestic and global custody, multicurrency accounting, performance measurement, investment analytics, securities lending, and foreign exchange.

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