Steve Wolff, the former head the Nova Scotia Pension Services Corporation, has been named as the new chief executive and president of Canadian asset servicing firm CIBC Mellon.

The appointment, announced on Thursday, follows the decision by Thomas Monahan to retire as CIBC Mellon president and chief exec after seven years with the company -  a 50-50 joint venture between CIBC and BNY Mellon.

During Monahan's tenure, CIBC Mellon grew to C$1.6trn of assets under administration, launched and enhanced a number of solutions for institutional investors in Canada and strengthened its risk and governance regime.

Wolff, who is now responsible for the overall strategy and performance at the firm, has more than 30 years of experience in financial services and investment administration. 

He was at the helm of Nova Scotia Pension Services Corporation which administers the pension benefits and investment assets of two of Nova Scotia’s largest public sector pension plans. 

Wolff also held senior level positions in risk management and investment operations at State Street, where he led teams in Canada, the Cayman Islands, South Africa and the UK.