TORONTO, June 21 /CNW/ - CIBC Asset Management today announced changes to its Renaissance Investments and CIBC mutual fund families, including fund mergers, a fund termination and fund name changes.

"These fund changes will enhance and strengthen our mutual fund families through a more focused product line-up that will continue to offer investors value, choice and quality investment management expertise," said Steve Geist, President of CIBC Asset Management.

Details of the changes are as follows:

Fund Mergers

CIBC Asset Management Inc., as manager, plans to merge the following funds with similar investment objectives, effective on or about August 27, 2010 and, in some cases, rename the Continuing Fund:

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    Terminating Fund(s)       Continuing Fund          Post-Merger Fund Name
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    Renaissance Canadian
     Balanced Fund
                              Renaissance Canadian     Renaissance Canadian
    Renaissance Canadian       Balanced Value Fund      Balanced Fund
    Asset Allocation Fund
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    Renaissance Dividend      Renaissance Canadian     Renaissance Canadian
     Fund                      Dividend Income Fund     Dividend Fund
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    Renaissance Millennium    Renaissance Canadian     Renaissance Canadian
    Next Generation Fund       Small-Cap Fund           Small-Cap Fund
    -------------------------------------------------------------------------

As required by securities legislation, the Independent Review Committee of the Renaissance Investments family of funds considered and approved the above fund mergers. These mergers are not subject to unitholder or regulatory approval due to the similar investment objective, fee structure and valuation procedures of each Terminating and Continuing Fund.

Purchases, redemptions and switches in the Terminating Funds will be accepted up to and including the last business day prior to the fund mergers.

The above fund mergers will not trigger gains or losses on units of the Terminating Funds or Continuing Funds, with the average cost of units in the Terminating Fund carried over to the Continuing Fund. Terminating Funds and Continuing Funds may declare a distribution on the merger date to reflect any additional taxable income or gains in the Funds since their last distribution.

The management fee for investors in the Terminating Funds will be maintained or, in some instances, lowered following the mergers.

In accordance with securities legislation, notice will be sent to unitholders of the Terminating Funds no less than 60 days prior to the effective date of the mergers.

Fund Termination

CIBC, as manager, intends to terminate the CIBC High Yield Cash Fund (the "Terminating Fund") on or about August 27, 2010.

Effective the end of business June 21, 2010 (4:00 p.m. ET), no additional purchases will be accepted into the Terminating Fund, including purchases through existing regular investment plans. However, any distributions will continue to be re-invested in additional units of the Terminating Fund, except where a unitholder has instructed otherwise.

Unitholders will not be required to pay any charges or fees associated with the termination of the Terminating Fund. All costs associated with the termination will be borne by CIBC. Unitholders are encouraged to speak with their financial advisor to discuss their investment options.

In accordance with securities legislation, notice will be sent to unitholders of the Terminating Fund no less than 60 days prior to the effective date of the termination.

CIBC Asset Management is the asset management division of CIBC. CIBC Asset Management is responsible for the CIBC and Renaissance Investments families of mutual funds, Frontiers Pools, the CIBC family of managed portfolio solutions - Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services - and CIBC's leading separately managed account program, CIBC Wood Gundy Investment Consulting Service. CIBC Asset Management manages more than $50 billion in assets.