CIBC Asset Management Announces Sub-Advisor Change
TORONTO, Aug. 11 /CNW/ - CIBC Asset Management announced today the appointment of Federated MDTA LLC, a Federated Advisory Company, ("MDT Advisers") as portfolio sub-advisor of the CIBC U.S. Small Companies Fund, replacing Wellington Management Company, LLP. This change is effective September 1, 2008. "CIBC Asset Management continues to focus on partnering with portfolio managers who can help maximize returns and manage risk for our clients," said Steve Geist, President of CIBC Asset Management. "We are pleased to add MDT Advisers to our product line-up," continued Geist. "We are confident that their unique investment process and proven investment management expertise will enhance the long-term performance potential for our clients in the CIBC U.S. Small Companies Fund." MDT Advisers is an innovative quantitative investment management firm located in Boston, Massachusetts. Founded in 1988, the firm is owned by Federated Investors, Inc., one of the largest investment managers in the United States. MDT Advisers' small cap core investment strategy is based on a quantitative approach that selects securities from a universe of smaller, emerging, primarily U.S. stocks within the Russell 2000 index. The firm uses a proprietary multi-factor model that is focused on earnings, growth and balance sheet measures. The process by which investment decisions are made is based on optimizing the multi-factor model, while simultaneously considering the trading costs and risk constraints of the portfolio. CIBC Asset Management is responsible for the CIBC and Renaissance Investments families of mutual funds, Frontiers Pools and the CIBC family of managed portfolio solutions - Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services. CIBC Asset Management manages more than $50 billion in assets. 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.
For further information:
For further information: Media contact: Doug Maybee, Director, Media Relations, at (416) 980-7458; Product inquiries: CIBC Asset Management Client Services, 1-888-888-FUND (3863)