AdminSource will expand its customer base to more than 60 clients and double its assets under management to approximately $20 billion. Terms of the transaction were not disclosed.
AdminSource will offer jobs to all of TD Bank Financial Group’s current staff in the fund valuation and recordkeeping business.
Also, in a separate deal, CIBC Mellon has purchased TD Bank’s third-party investment fund custody business and will be TD Bank’s primary supplier of internal custody.
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