CIBC Asset Management Announces Sub-Advisor Changes
TORONTO, May 1 /CNW/ - CIBC Asset Management announced today sub-advisor changes that continue our commitment to bringing quality investment management expertise to Canadian investors. "CIBC Asset Management is focused on partnering with top portfolio managers to help maximize returns and manage risk for our clients," said Steve Geist, President of CIBC Asset Management. "We are pleased to have Aletheia Research and Management Inc. and Metropolitan West Capital Management, LLC as part of our product line-up," continued Geist. "We are confident their proven investing expertise in the U.S. equity markets will enhance the long-term performance potential for our clients." Sub-advisor change to the Renaissance U.S. Equity Growth Fund and Frontiers U.S. Equity Pool Aletheia Research and Management Inc. (Aletheia) has been appointed portfolio sub-advisor of the Renaissance U.S. Equity Growth Fund, as well as portfolio sub-advisor for the growth component of the Frontiers U.S. Equity Pool, replacing BlackRock Investment Management LLC. This change will be effective June 1, 2008. Aletheia, based in Los Angeles, California, was founded in 1997 and manages investments primarily for institutional, separately managed and high net worth accounts. Aletheia's unique proprietary investment process combines the forensic analysis of balance sheets, insider and corporation actions behaviour, and direct industry research in order to produce superior results for investors over the long term. Their consistent approach has resulted in historically strong performance. This change will also benefit the Axiom Portfolios, one of our managed portfolio solutions, as most of the portfolios invest in the Frontiers U.S. Equity Pool. Sub-advisor change to the Imperial U.S. Equity Pool Metropolitan West Capital Management, LLC (MWCM) has been appointed portfolio sub-advisor for the value component of the Imperial U.S. Equity Pool, replacing Oppenheimer Asset Management Inc. and Bristlecone Value Partners, LLC. This change will be effective today, May 1, 2008. Evergreen Investments, the asset management company of Wachovia Corporation, acquired a majority interest in MWCM in 2006. MWCM, founded in 1997, is based in Newport Beach, CA and provides investment services to retail and institutional clients. Under Evergreen Investment's multiple investment platform structure, MWCM is empowered to operate independently, maintain their strategies and approach and retain the team that has driven their success. MWCM's large-cap intrinsic value investment approach focusing on high-quality companies helps to minimize risk and optimize long-term returns. Their proven investment process has consistently demonstrated their ability to add value above their benchmark and deliver superior long-term returns with lower-than-market risk. Sub-advisor change to the Renaissance Canadian Balanced Value Fund Currently the portfolio sub-advisor of the Canadian component of the Fund, CIBC Global Asset Management Inc. will now be responsible for investment management and advisory services for 100% of the assets in the portfolio, effective May 1, 2008. Oppenheimer Asset Management Inc. and Bristlecone Value Partners, LLC will no longer manage a portion of the Fund. CIBC Asset Management is responsible for the CIBC and Renaissance Investments families of mutual funds, Frontiers Pools, and the CIBC family of managed portfolio solutions - Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services. CIBC Asset Management manages more than $50 billion in assets.
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