TORONTO, May 20, 2014 /CNW/ - CIBC Asset Management Inc. today announced portfolio sub-advisor changes to further strengthen its line-up of investment solutions.

American Century Investment Management Inc. joins the portfolio advisor, CIBC Asset Management, as a sub-advisor for the foreign securities portion of CIBC Monthly Income Fund and Renaissance Canadian Monthly Income Fund effective on or about June 12, 2014. As a leading U.S. investment management firm, American Century is committed to delivering superior and consistent risk-adjusted performance through active management. Headquartered in Kansas City with offices in New York, Mountain View, California, London and Hong Kong, the firm managed approximately $150 billion in assets as of March 31, 2014. In August 2011, CIBC acquired a 41-per cent minority ownership position in American Century.

"American Century is a premier manager that has proven its skill in global investing - identifying U.S. and foreign companies that are demonstrating accelerated and sustainable earnings growth for investors," says Steve Geist, President, CIBC Asset Management. "We believe the addition of American Century's expertise will improve overall diversification and risk-adjusted return potential for our clients."

Amundi Canada Inc. has been appointed as portfolio sub-advisor for the Renaissance China Plus Fund and the Renaissance Asian Fund on or about June 20, 2014. Amundi ranks first in Europe¹ and ninth worldwide¹ in the asset management industry with AUM of close to $1.2 trillion worldwide². Located in the main investment regions in almost 30 countries, Amundi offers a comprehensive range of products covering all asset classes and major currencies.

Pzena Investment Management LLC has been appointed as portfolio sub-advisor for the Renaissance Global Value Fund on or about June 20, 2014. Based in New York City, Pzena has a deep value investment philosophy which emphasizes an understanding of business models and earnings power. Pzena's strong research team conducts in-depth proprietary analysis into companies in order to produce superior insights about the prospects of its investment universe. As of March 31, 2014, the firm managed around $27 billion in assets for leading corporate, public, and individual clients.

About CIBC
CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products to individual, small business, commercial, corporate and institutional clients in Canada and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

About CIBC Asset Management
CIBC Asset Management (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM's offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $95 billion in assets under management as of March 31, 2014.

1. Source IPE « Top 400 asset managers active in the European marketplace » published in June 2013, based on figures as at December 2012. Interviews with asset management companies on their assets as at end-December 2012 (open-end funds, dedicated funds, mandates).
2. Amundi Group figures as at Dec. 31, 2013.

SOURCE Canadian Imperial Bank of Commerce