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CIBC Asset Management Inc. announces portfolio sub-advisor changes and management fee reductions on certain global equity funds

TORONTO, Jan. 30, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. (CAM) today announced changes to select global equity products, to continue to bring value to clients through world-class investment management capabilities and better pricing.

CIBC (CNW Group/CIBC Asset Management)

Portfolio sub-advisor changes are as follows:

Imperial Global Equity Income Pool

CIBC Asset Management Inc. and Mackenzie Financial Corporation will provide investment management services to the Pool effective on or about April 1, 2020, joining Newton Investment Management Ltd.

Renaissance International Dividend Fund

CIBC Asset Management Inc. will directly provide investment management services to Renaissance International Dividend Fund effective on or about April 1, 2020.

Renaissance Global Markets Fund

CIBC Asset Management Inc. will directly provide investment management services to Renaissance Global Markets Fund effective on or about March 2, 2020.

In addition, CIBC Asset Management Inc. will also reduce management fees on the Renaissance International Dividend Fund and Renaissance Global Markets Fund effective on or about January 30, 2020 as set out in the table below:

Fund

Current
Management Fee

(%)

New
Management Fee

(%)

Renaissance International Dividend Fund - Class A

1.70

1.45

Renaissance International Dividend Fund - Class F

0.95

0.70

Renaissance Global Markets Fund - Class A

1.75

1.70

Renaissance Global Markets Fund - Class F

0.75

0.70

 

About CIBC

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 $143 billion in assets under administration as of December 2019.

SOURCE CIBC Asset Management

For further information: Nima Ranawana, Public Affairs, 647-456-4556 or nima.ranawana@cibc.com
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