TORONTO, March 27, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM), the manager of the CIBC Latin American Fund (the "Fund") today announced its intention to terminate the Fund on or about June 12, 2020 (the "Termination Date").
Effective immediately, units of the Fund are no longer available for new purchases, including additional purchases by existing unitholders and through regular investment plans.
The decision to terminate the Fund was made in ordinary course due to the Fund's small asset size.
Unitholders will have the right to redeem or switch their investments in the Fund up to the close of business on the Termination Date. Unitholders will not be required to pay any short-term trading fees, switch fees or other fees associated with the termination of the Fund.
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 encourages all unitholders to consult with their 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 Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and 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/en/about-cibc/media-centre.html.