TORONTO, Aug. 26, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. ("CAM") today announced portfolio sub-advisory changes and risk rating updates to certain funds.
Connor, Clark & Lunn Investment Management Ltd. has been appointed as portfolio sub-advisor for the CIBC Canadian Small-Cap Fund and the Renaissance Canadian Small-Cap Fund effective on or about October 3, 2022.
CAM also announced changes to the risk ratings of the Renaissance Canadian Dividend Fund and Axiom Balanced Income Portfolio. The changes will be reflected in the simplified prospectus renewal of the Renaissance Investments family of funds, Axiom Portfolios, Renaissance Private Pools and CIBC Fixed Income Pools, effective on or about August 26, 2022.
The new risk ratings were determined in accordance with the standardized risk classification methodology mandated by the Canadian Securities Administrators. No changes have been made to the investment objectives, investment strategies or management of these funds. CAM reviews the risk rating for each fund at least annually, and make adjustments whenever the existing investment risk level is no longer appropriate.
Previous risk rating
New risk rating
Renaissance Canadian Dividend Fund
Low to medium
Axiom Balanced Income Portfolio
Low to medium
CIBC is a leading North American financial institution with 13 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, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html
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 $160 billion in assets under administration as of July 2022.