CIBC announces changes to an Imperial U.S. Equity Pool sub-advisor and the Imperial Canadian Dividend Pool investment objective
TORONTO, Jan. 29 /CNW/ - CIBC announced today a change in sub-advisor of the Imperial U.S. Equity Pool and sought the approval to change the investment objective of the Imperial Canadian Dividend Pool. Sub-advisor change to the Imperial U.S. Equity Pool Aletheia Research and Management Inc. (Aletheia) will be added as the portfolio sub-advisor for the growth component of the Imperial U.S. Equity Pool replacing AllianceBernstein Canada Inc. This change will be effective April 1, 2008. Aletheia, based in Los Angeles, California was founded in 1997 managing 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, as well as direct industry research, in order to produce superior results for investors over the long-term. Their consistent approach has resulted in historically strong performance. "Aletheia has demonstrated an ability to surpass both their benchmark and their peer group on a regular basis, landing them at the top of the list of large-cap growth managers in the United States. We are confident their unique process will further enhance the overall composition of the Imperial U.S. Equity Pool, and its long-term performance potential," said Steve Geist, President of CIBC Asset Management Inc. Approval sought for change to the Imperial Canadian Dividend Pool's investment objective On January 28, 2008, CIBC sought the approval of CIBC Private Investment Counsel Inc., the sole unitholder of record of the Imperial Canadian Dividend Pool, to change the Pool's investment objective. The investment objective will be changed from: To maximize dividend income in a manner consistent with capital preservation, to the following: To generate income and potential capital growth by investing primarily in Canadian income-generating equity securities and debt securities. The new investment objective will allow the Pool to better diversify its income-producing securities between equity and debt securities in order to meet investors' income and capital growth needs and objectives. CIBC is a leading North American financial institution with more than 11 million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.
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