TORONTO, Aug. 15, 2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. (CAM), today announced it will be capping Series A, Series F, Series O and Series S (the "Capped Series") of CIBC 2025 Investment Grade Bond Fund (the "Fund") to all new purchases on August 21, 2024.
Effective on August 21, 2024, the Capped Series of the Fund are closed to all new purchases from existing and new unitholders, including through pre-authorized chequing plans.
The Fund has been extremely successful since its initial launch on January 29, 2024. The Fund has grown rapidly in size, recently surpassing $1.5 billion in assets under management.
"We have been very pleased that this outcome based solution resonated with the needs of our clients," said David Scandiffio, President and Chief Executive Officer, CIBC Asset Management. "We made the decision to close the Capped Series of the Fund to new purchases as a proactive measure. We expect this will help preserve the desired purpose of the Fund for existing investors and help maintain the integrity of our disciplined investment management approach. The investment objectives of the Fund are not impacted by this decision and will remain unchanged."
Unitholders of the Capped Series will continue to have the right to redeem or switch their investments in the Fund.
The ETF Series of the Fund will not be capped and investors will continue to be able to buy or sell the ETF Series units of the Fund on Cboe Canada through registered brokers and dealers.
CAM encourages all investors to consult with their advisors to discuss the implications of the capping for their personal circumstances and investment needs.
About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services 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
About CIBC Asset Management
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 $227 billion in assets under administration as of March 2024.
SOURCE CIBC
