TORONTO, April 25, 2019 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc., announced today its intention to terminate the Renaissance Global Resource Fund (the "Fund") on or about October 18, 2019 (the "Termination Date").
The decision to terminate the Fund was made due to the Fund's relatively small asset size.
Unitholders will have the right to redeem their investments in the Fund up to the close of business on the effective Termination Date. Unitholders will not be required to pay any redemption fees, sales charges or other fees associated with the termination of the Fund.
In contemplation of the termination, the Manager may make distributions prior to the Fund's Termination Date if this is deemed in the best interests of the Fund and its unitholders.
In accordance with securities legislation, notice of the termination will be sent to unitholders of the Fund no less than 60 days prior to the Termination Date.
CIBC Asset Management Inc. encourages all unitholders to consult with their financial advisors to discuss the financial and tax implications of the termination and to determine the solution that best suits their investment needs and personal situation.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
About CIBC Asset Management
CIBC Asset Management, Inc. (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 $130 billion in assets under administration as of February 2019.