CIBC Mellon, a joint venture of Bank of New York Mellon and Canadian Imperial Bank of Commerce that specializes in asset servicing, has named a new chief executive.
Mal Cullen will take over as CEO on Thursday, succeeding Steven Wolff, who is retiring after six years at the helm. Cullen was previously head of digital services at BNY Mellon.
In a press release, Toronto-based CIBC Mellon highlighted Cullen's 30 years of experience in asset servicing and his longtime focus on data. Cullen previously served on the boards of directors at both CIBC Mellon Trust Co. and CIBC Mellon Global Securities Services Co.
"Mal has extensive experience in the Canadian marketplace, a deep appreciation for the importance of CIBC Mellon's exceptional client service culture and a global perspective that will help move the joint venture forward," Dan Smith, who chairs CIBC Mellon's board of directors, said in the release.
Earlier in his career, Cullen served as chief executive of the BNY Mellon subsidiary Eagle Investment Systems.
"I am excited to help our clients transform their business to achieve greater outcomes and tap into the wide array of capabilities available through both BNY Mellon and CIBC," Cullen said in the release.
CIBC Mellon, which was founded in 1996 and is a 50-50 partnership of BNY Mellon and CIBC, is the Canadian arm of BNY Mellon's global asset-servicing network.
Its clients are largely Canadian institutional investors and international institutional investors into Canada. As of Sept. 30, the firm had around $1.7 trillion in U.S. dollars under custody, under administration or both.
