Toronto-based CIBC Mellon on Thursday announced the selection of Steve Wolff as the company’s new president and CEO.

He will take on his new role effective Nov. 14, assuming responsibility for CIBC Mellon’s strategy and performance. He will also join the board of directors for CIBC Mellon Trust Company.

Wolff joins CIBC Mellon from the Nova Scotia Pension Services Corp. (NSPS), which administers the pension benefits and investment assets of two of Nova Scotia’s public sector pension plans.

He replaces Tom Monahan, who announced in May 2016 he would retire after seven years of service, during which CIBC Mellon grew to $1.6 trillion of assets under administration.

“Steve has a strong record of driving strategic growth and client service leadership, and brings this determination and expertise to CIBC Mellon,” says Samir Pandiri, CEO of BNY Mellon’s asset servicing business and chairman of CIBC Mellon’s board of directors, in a news release. “He is deeply knowledgeable about the Canadian marketplace and the unprecedented changes in our industry. His rigor and insight will help us continue to provide valuable solutions to our clients.”

“Steve joins a strong and dynamic team and has the vision to lead CIBC Mellon forward as Canada’s leader in asset servicing,” adds John Ferren, senior vice president, finance, Canadian Imperial Bank of Commerce (CIBC), and a member of CIBC Mellon’s board.

CIBC Mellon is focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. It is 50-50 jointly owned by The Bank of New York Mellon and CIBC.