TORONTO, July 28, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – To continue to provide best-in-class value and investment management services to clients, CIBC Asset Management Inc. (CAM) today announced changes to certain mutual fund offerings, including portfolio management changes and management fee reductions to certain funds.
Effective on or about September 1, 2020, portfolio management responsibilities for the funds listed below will be assumed or reallocated to the following Portfolio Advisor and/or Portfolio Sub-Advisors:
|
Fund |
Portfolio Management Responsibilities |
|
Imperial Canadian Equity Pool |
CIBC Asset Management Inc. |
|
Connor, Clark & Lunn Investment Management Limited |
|
|
Imperial U.S. Equity Pool |
CIBC Asset Management Inc. |
|
CIBC Private Wealth Advisors, Inc. |
|
|
Rothschild & Co Asset Management U.S. Inc. |
|
|
Morgan Stanley Investment Management Inc. |
|
|
Renaissance Canadian Equity Private Pool |
CIBC Asset Management Inc. |
|
Connor, Clark & Lunn Investment Management Limited |
|
|
Renaissance U.S. Equity Private Pool |
CIBC Asset Management Inc. |
|
CIBC Private Wealth Advisors |
|
|
Rothschild & Co Asset Management U.S. Inc. |
|
|
Morgan Stanley Investment Management Inc. |
|
|
Renaissance Canadian Growth Fund |
CIBC Asset Management Inc. |
|
Renaissance Canadian Balanced Fund |
CIBC Asset Management Inc. |
|
Renaissance Canadian Monthly Income Fund |
CIBC Asset Management Inc. |
|
CIBC Monthly Income Fund |
CIBC Asset Management Inc. |
|
CIBC Global Monthly Income Fund |
CIBC Asset Management Inc. |
|
Brandywine Global Investment Management, LLC. |
|
|
CIBC Balanced Fund |
CIBC Asset Management Inc. |
Effective on or about September 1, 2020, the annual management fees for the following funds will be reduced as indicated below:
|
Fund |
Class |
Current Annual |
New Annual |
|
Renaissance |
Class A |
1.75% |
1.60% |
|
Class C |
1.65% |
1.50% |
|
|
Class I |
0.65% |
0.50% |
|
|
Premium* |
1.70% |
1.55% |
|
|
F-Premium* |
0.70% |
0.55% |
|
|
N-Premium* |
0.70% |
0.55% |
|
|
Renaissance U.S. |
Class A |
1.75% |
1.60% |
|
Class C |
1.75% |
1.60% |
|
|
Class I |
0.75% |
0.60% |
|
|
Premium Class* |
1.70% |
1.55% |
|
|
H-Premium* |
1.70% |
1.55% |
|
|
F-Premium* |
0.70% |
0.55% |
|
|
FH-Premium* |
0.70% |
0.55% |
|
|
N-Premium* |
0.70% |
0.55% |
|
|
NH-Premium* |
0.70% |
0.55% |
|
|
Renaissance |
Class A |
1.75% |
1.55% |
|
Class F |
0.75% |
0.55% |
|
|
Renaissance |
Class A |
1.65% |
1.60% |
|
Class F |
0.65% |
0.60% |
|
|
Renaissance |
Class A |
1.50% |
1.45% |
|
Class F |
0.75% |
0.70% |
|
|
CIBC Balanced Fund |
Class A |
1.90% |
1.80% |
|
Class F |
0.90% |
0.80% |
|
*1 Includes all associated T Classes |
About CIBC
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
About 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 $143 billion in assets under administration as of June 2020.
SOURCE CIBC Asset Management Inc.
