TORONTO, May 13, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM), CIBC Asset Management Inc. (CAMI), as manager, today announced the discontinuation of its deferred sales charge (back-end and low load) purchase options (referred to as DSC purchase options) for the Renaissance Investments Family of Funds and Axiom Portfolios.
This announcement is in keeping with amendments to National Instrument 81-105 Mutual Fund Sales Practices coming into effect June 1, 2022. These amendments will prohibit the payment by fund organizations of upfront sales commissions to dealers, which will result in the discontinuation of all forms of the DSC purchase options.
As a result, effective May 13, 2022, CAMI will close all its DSC purchase options to new purchases—including purchases through pre-authorized chequing plans. Anyone holding these units can continue holding them in their accounts and the deferred sales charge schedule will continue to apply to these units. Switches to units of another fund managed by CAMI under the same DSC purchase option will continue to be available.
CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small 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 https://www.cibc.com/en/about-cibc/media-centre.html.
CIBC Asset Management, Inc. (CAMI), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAMI'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. CAMI is one of Canada's largest asset management firms, with over $170 billion in assets under administration as of March 2022.