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CIBC Asset Management Announces Sub-Advisor and Fund Name Changes

    TORONTO, May 1 /CNW/ - CIBC Asset Management Inc., the manager and
trustee of the Renaissance Investments family of funds and the Frontiers
Pools, announced today that it is making certain changes to its product
line-up, including several sub-advisor changes and the renaming of a fund.
    "With these changes, we continue our commitment to offering investors the
best in choice, value and quality products. We are focused on partnering with
top portfolio managers to maximize returns and manage risk for our clients,"
said Steve Geist, President of CIBC Asset Management Inc.

    Sub-advisor change to Renaissance Global Focus Fund - Effective June 1,
    Aletheia Research and Management Inc. (Aletheia) has been appointed
portfolio sub-advisor of the Renaissance Global Focus Fund, replacing
BlackRock Investment Management, LLC.
    Aletheia, based in Los Angeles, California, was founded in 1997 and
manages 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 and direct industry research in order to produce superior results
for investors over the long term. Their consistent approach has resulted in
historically strong performance.

    Sub-advisor change to Renaissance U.S. Equity Value Fund- Effective July
1, 2009
    Metropolitan West Capital Management, LLC (MWCM) has been appointed
portfolio sub-advisor for the Renaissance U.S. Equity Value Fund, replacing
UBS Global Asset Management (Canada) Co.
    MWCM is a boutique investment firm that is majority owned by Wells Fargo
& Company (NYSE: WFC). Founded in 1997, MWCM is based in Newport Beach,
California, and provides investment services to retail and institutional
clients. MWCM's large-cap intrinsic value investment approach focusing on
high-quality companies seeks to minimize risk and optimize long-term returns.
Their investment process has consistently demonstrated their ability to add
value above their benchmark and deliver strong long-term returns with
lower-than-market risk.

    Sub-advisor changes to Frontiers U.S. Equity Pool- Effective July 1, 2009
    MWCM has also been appointed portfolio sub-advisor for the value
component of the Frontiers U.S. Equity Pool, replacing UBS Global Asset
Management (Canada) Co. Fiduciary Management Inc. (Fiduciary) has been
appointed portfolio sub-advisor for the Frontiers U.S. Equity Pool's small-cap
component, replacing UBS Global Asset Management (Americas) Inc. Aletheia and
INTECH Investment Management LLC continue to be portfolio sub-advisors for
other components of the Pool.
    Founded in 1980, Fiduciary is an employee owned independent money
management firm based in Milwaukee, Wisconsin.  Today, it manages over $4
billion in assets for Registered Investment Advisors, domestic and
international institutions, and individual investors primarily throughout the
United States. Fiduciary offers equity investment strategies that are firmly
rooted in fundamental research and follow a disciplined, value-oriented
    These changes will also affect Axiom Portfolios, the managed portfolio
solutions offered by Renaissance Investments, as the Axiom Portfolios program
utilizes the Frontiers U.S. Equity Pool in its portfolio construction.

    Changes to Renaissance Global Multi Management Fund- Effective July 1,
    Renaissance Global Multi Management Fund will be renamed the Renaissance
Optimal Global Equity Portfolio, a comprehensive solution that offers broad
diversification through a strategic mix of some of Renaissance Investments'
top global funds.
    "Investing globally will help Canadians to better diversify their
portfolios and create wealth in the long run. We are confident that the
Renaissance Optimal Global Equity Portfolio will meet investors' need for a
strong global solution to take advantage of the many investment opportunities
around the world", said Steve Geist.
    The Portfolio offers diversification at multiple levels - investment
manager, investment style and asset class - that complement each other to
generate potentially higher expected returns in all types of economic cycles.
As of July 1, 2009, the Renaissance Optimal Global Equity Portfolio will have
the five funds below in its underlying asset mix:-------------------------------------------------------------------------
         Funds(*)         Portfolio Sub-Advisor               Style
    Renaissance Global    Aletheia Research and Management    Large-cap
     Focus Fund           Inc.                                growth
    Renaissance Global    Wintergreen Advisers, LLC           Opportunistic
     Markets Fund
    Renaissance Global    NWQ Investment Management Company,  Large-cap value
     Value Fund           LLC
    Renaissance Global
     Infrastructure Fund  RARE Infrastructure Limited         Infrastructure
    Renaissance Global    Wellington Management Company LLP   Small-cap
     Small-Cap Fund                                           growth
    (*) Underlying asset mix can be changed at any time without notice.Renaissance Investments offers a line-up of high quality investment
solutions that provide investors the best in choice, value and investment
management expertise. Renaissance Investments products include the Renaissance
Investments family of funds, Axiom Portfolios and Frontiers Pools. Renaissance
Investments is offered by CIBC Asset Management Inc., a wholly owned
subsidiary of CIBC. For additional information, visit our website at

For further information:
For further information: Media contact: Doug Maybee, Director, Media
Relations, at (416) 980-7458; Product inquiries: 1-888-888-FUND (3863)