CIBC Mellon and State Street are winners as BlackRock fires Scotiabank

BlackRock Canada, an indirect, wholly-owned subsidiary of BlackRock, Inc., has announced changes to the custodian line-up for its iShares Gold Bullion ETF and iShares Silver Bullion ETF. CIBC Mellon Trust Company will act as bullion custodian for the iShares Funds, and State Street Trust Company Canada as custodian of the non-bullion assets of the iShares Funds. It is expected that the bullion owned by the iShares Funds will be stored in the vault facilities of The Royal Canadian Mint as CIBC Mellon’s sub-custodian and/or International Depository Services of Canada Inc., as the RCM’s sub-custodian. The Bank of Nova Scotia, the current custodian of the iShares Funds, will cease to be a custodian of the iShares Funds following the full transition of custody responsibilities to CIBC Mellon and State Street.