TORONTO, Dec. 8, 2014 /CNW/ - CIBC Asset Management Inc. (CAM), the manager of the Renaissance Investments family of mutual funds, today announced that it has completed the merger of the Renaissance Corporate Bond Fund (the "Terminating Fund") with the Renaissance Corporate Bond Capital Yield Fund (the "Continuing Fund"). Unitholders of the Terminating Fund have received units in the same class of the Continuing Fund.
In response to changes to the Income Tax Act announced in the 2013 federal budget, which will eliminate the tax benefits associated with certain forward agreements by December 31, 2014, the investment objective of the Continuing Fund has been changed to: "To obtain a high level of current income by investing primarily in bonds, debentures, notes and other debt instruments of Canadian issuers."
The Continuing Fund has been renamed Renaissance Corporate Bond Fund and is now open to new purchases and switches.
About CIBC Asset Management
CIBC Asset Management (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM's offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $100 billion in assets under management as of September 30, 2014.
SOURCE Canadian Imperial Bank of Commerce
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