TORONTO, Nov. 9, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - CIBC Asset Management today announced portfolio management changes and fee reductions to certain funds, as it continues to enhance its product solutions for investors.
Effective on or about December 9, 2020, portfolio management responsibilities for the following funds will be assumed or reallocated to the portfolio advisor and/or portfolio sub-advisors as outlined below.
Fund | Portfolio Management Responsibilities |
Imperial Overseas Equity Pool | CIBC Asset Management Inc. WCM Investment Management CIBC Private Wealth Advisors Inc. Causeway Capital Management LLC Pzena Investment Management Inc. |
CIBC Global Bond Fund | CIBC Asset Management Inc. |
CIBC Global Monthly Income Fund | CIBC Asset Management Inc. |
Renaissance U.S. Equity Fund | CIBC Private Wealth Advisors Inc. |
Renaissance Global Focus Fund | CIBC Asset Management Inc. |
Renaissance International Equity Private Pool | CIBC Asset Management Inc. WCM Investment Management CIBC Private Wealth Advisors Inc. Causeway Capital Management LLC Pzena Investment Management Inc. |
Effective on or about December 9, 2020, the annual management fees for the following funds will be reduced as indicated below.
Fund | Class | Current | New |
Renaissance U.S. Equity Fund | A | 1.50% | 1.40% |
F | 0.75% | 0.65% | |
Renaissance U.S. Equity Growth Fund | A | 1.75% | 1.40% |
F | 0.75% | 0.65% | |
Renaissance U.S. Equity Growth Currency Neutral Fund | A | 1.75% | 1.40% |
F | 0.75% | 0.65% | |
Renaissance International Equity Private Pool | A | 1.75% | 1.65% |
C | 1.85% | 1.75% | |
I | 0.85% | 0.75% | |
Premium* | 1.85% | 1.75% | |
H-Premium* | 1.85% | 1.75% | |
F-Premium* | 0.85% | 0.75% | |
FH-Premium* | 0.85% | 0.75% | |
N-Premium* | 0.85% | 0.75% | |
NH-Premium* | 0.85% | 0.75% | |
Renaissance Global Focus Fund | A | 1.95% | 1.70% |
F | 0.95% | 0.70% | |
Renaissance Global Focus Currency Neutral Fund | A | 1.95% | 1.70% |
F | 0.95% | 0.70% | |
CIBC Global Bond Fund | A | 1.50% | 1.25% |
F | 0.75% | 0.50% |
*Includes all associated T-Classes.
Also effective on or about December 9, 2020, the Renaissance U.S. Equity Fund will be capped. This means the Fund will be closed to all new purchases from existing and new unitholders (including through regular investment plans).
Effective on or about January 29, 2021, portfolio management responsibilities for the following funds will be assumed or reallocated to the portfolio advisor and/or portfolio sub-advisors as outlined below.
Fund | Portfolio Management Responsibilities |
Imperial International Equity Pool | CIBC Asset Management Inc. WCM Investment Management CIBC Private Wealth Advisors Inc. Causeway Capital Management LLC Pzena Investment Management Inc. |
CIBC International Equity Fund | CIBC Private Wealth Advisors Inc. |
Effective on or about January 29, 2021, the annual management fees for the following fund will be reduced as indicated below.
Fund | Class | Current | New |
CIBC International Equity Fund | A | 2.00% | 1.75% |
F | 1.00% | 0.75% |
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 Inc.
CIBC Asset Management Inc. (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 $148 billion in assets under administration as of September 2020.
SOURCE CIBC
