TORONTO, April 3, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management (CAM) today announced a number of changes to its product line-up, including reductions to management fees and fixed administration fees and fund name changes for Renaissance Private Pools.
Management fee and fixed administration fee changes
Effective April 3, 2023, the management fees and fixed administration fees for the following classes of Renaissance Private Pools (the "Pools") will be reduced as follows:
Fund | Annual management fee (%) | ||||
Premium Class* | Class F-Premium* | ||||
Current | New | Current | New | ||
Renaissance Ultra Short-Term Income Private Pool | 0.65 | 0.55 | 0.50 | 0.40 | |
Renaissance Canadian Fixed Income Private Pool | 0.95 | 0.90 | 0.45 | 0.40 | |
Renaissance Global Bond Private Pool | 1.15 | 0.95 | 0.65 | 0.45 | |
Renaissance Multi-Sector Fixed Income Private Pool | 1.15 | 1.10 | 0.65 | 0.60 | |
Renaissance Multi-Asset Global Balanced Income Private Pool | 1.50 | 1.45 | 0.75 | 0.70 | |
Renaissance Multi-Asset Global Balanced Private Pool | 1.75 | 1.70 | 0.75 | 0.70 | |
Renaissance Equity Income Private Pool | 1.70 | 1.50 | 0.70 | 0.50 | |
Renaissance Canadian Equity Private Pool | 1.55 | 1.50 | 0.55 | 0.50 | |
Renaissance U.S. Equity Private Pool | 1.55 | 1.50 | 0.55 | 0.50 | |
Renaissance Global Equity Private Pool | 1.85 | 1.60 | 0.85 | 0.60 | |
Renaissance International Equity Private Pool | 1.75 | 1.60 | 0.75 | 0.60 | |
Renaissance Emerging Markets Equity Private Pool | 1.75 | 1.65 | 0.75 | 0.65 | |
Renaissance Real Assets Private Pool | 2.15 | 2.05 | 1.15 | 1.05 | |
Fund | Class S | ||||
Current | New | ||||
Renaissance Multi-Sector Fixed Income Private Pool | 1.15 | 0.45 | |||
Renaissance Real Assets Private Pool | 2.15 | 0.65 | |||
*Includes all associated T-classes, Hedged classes and U.S. Dollar Purchase Options, if applicable.
Fund | Fixed administration fee (%) | |||
Premium Class** | Class F-Premium** | |||
Current | New | Current | New | |
Renaissance Multi-Asset Global Balanced Income Private Pool | 0.20 | 0.10 | 0.15 | 0.05 |
**Includes all associated T-classes and U.S. Dollar Purchase Options.
Fund name changes
Effective April 3, 2023, each of the Renaissance Private Pools will be renamed as CIBC Private Pools as follows:
Current fund name | New fund name |
Renaissance Canadian Equity Private Pool | CIBC Canadian Equity Private Pool |
Renaissance Canadian Fixed Income Private Pool | CIBC Canadian Fixed Income Private Pool |
Renaissance Emerging Markets Equity Private Pool | CIBC Emerging Markets Equity Private Pool |
Renaissance Equity Income Private Pool | CIBC Equity Income Private Pool |
Renaissance Global Bond Private Pool | CIBC Global Bond Private Pool |
Renaissance Global Equity Private Pool | CIBC Global Equity Private Pool |
Renaissance International Equity Private Pool | CIBC International Equity Private Pool |
Renaissance Multi-Asset Global Balanced Income Private Pool | CIBC Multi-Asset Global Balanced Income Private Pool |
Renaissance Multi-Asset Global Balanced Private Pool | CIBC Multi-Asset Global Balanced Private Pool |
Renaissance Multi-Sector Fixed Income Private Pool | CIBC Multi-Sector Fixed Income Private Pool |
Renaissance Real Assets Private Pool | CIBC Real Assets Private Pool |
Renaissance U.S. Equity Private Pool | CIBC U.S. Equity Private Pool |
Renaissance U.S. Equity Currency Neutral Private Pool | CIBC U.S. Equity Currency Neutral Private Pool |
Renaissance Ultra Short-Term Income Private Pool | CIBC Ultra Short-Term Income Private Pool |
Discontinuation of Renaissance Private Investment Program and Frontiers Program
Effective April 3, 2023, the manager discontinued the Renaissance Private Investment Program which allowed unitholders and their related family members (referred to as a Financial Group) to link accounts and receive management fee distributions on eligible classes of the Pools. While the Program is being discontinued, existing unitholders will continue to receive the same management fee reduction rate that they received based on their total assets invested in eligible classes of the Pool(s) within their existing account(s) held as at end of day March 31, 2023.
The Frontiers Program, an asset allocation service available only through Class A units of the Pools, will also be discontinued on or about June 30, 2023. As a result, effective April 3, 2023, Class A units of the Pools are closed to all new purchases, including pre-authorized investment plans. Upon the discontinuation of the Frontiers Program, CIBC Asset Management Inc., as manager of the Pools, intends to convert all investors holding Class A units of the Pools to Premium Class units of the same Pools, with lower management fees.
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, 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.
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 $170 billion in assets under administration as of December 2022.
SOURCE CIBC
