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CIBC Asset Management Inc. announces portfolio sub-advisory changes and risk rating updates to certain funds

TORONTO, Aug. 28, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. (CAM) today announced portfolio sub-advisory changes and risk rating updates to certain funds.

Portfolio sub-advisor changes

Effective on or about September 30, 2023, portfolio management responsibilities for the following funds will be assumed or reallocated to the portfolio advisor and/or portfolio sub-advisors as follows:

Fund

Portfolio Management Responsibilities

Imperial U.S. Equity Pool

CIBC Private Wealth Advisors, Inc.

J.P. Morgan Asset Management

CIBC Asset Management Inc.

CIBC U.S. Equity Private Pool

CIBC Private Wealth Advisors, Inc.

J.P. Morgan Asset Management

CIBC Asset Management Inc.

Renaissance U.S. Equity Value Fund

J.P. Morgan Asset Management

Risk rating updates

The changes will be reflected in the renewal of the Renaissance Investments family of funds, Axiom Portfolios, CIBC Private Pools, CIBC Fixed Income Pools, CIBC Fixed Income Funds and CIBC Alternative Mutual Funds Simplified Prospectus, effective on or about August 28, 2023.

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 the affected mutual funds. CAM reviews the risk rating for each fund at least annually, and makes adjustments whenever the existing investment risk level is no longer appropriate.

Name

Previous Risk Rating

New Risk Rating

Renaissance Optimal Income Portfolio

Low

Low to medium

Renaissance Global Small-Cap Fund

Medium

Medium to high

CIBC Multi-Asset Global Balanced Income Private Pool

Low

Low to medium

CIBC Equity Income Private Pool

Low to medium

Medium

CIBC Global Credit Fund

Low

Low to medium

About CIBC  

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/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 $170 billion in assets under administration as of July 2023.

SOURCE CIBC

For further information: Kira Smylie, CIBC Communications & Public Affairs, 416-980-2949 or kira.smylie@cibc.com
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