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Client Work

TD Bank Financial Group sells its internal and external custody business (transferring $75 billion of custodial assets under administration) to CIBC

Fasken
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Overview

Client

Confidential Client

On January 31, 2002, TD Bank Financial Group sold its third party investment fund custody business and transferred a majority of its internal custody business to CIBC Mellon, resulting in the TD transferring custodial assets under administration of approximately $75 billion to CIBC Mellon. Fasken Martineau DuMoulin LLP, together with Jean Estabrook, Adriana Groskopf and Alan Wheable, in-house counsel of TD Bank Financial Group, acted for TD in the transaction.

The Fasken Martineau team was headed by Stephen Erlichman and consisted of Peter Ascherl, Janne Duncan, David Coultice and John Beardwood (corporate), Ralph Nero (employment), David Vincent and Brent Duguid (pensions and benefits), Kathleen Hanly and David Robertson (tax), Robert Elliott (financial institutions) and Doug New and Angela Di Padova (competition).