TORONTO, July 28, 2020 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) – To continue to provide best-in-class value and
investment management services to clients, CIBC Asset Management
Inc. (CAM) today announced changes to certain mutual fund
offerings, including portfolio management changes and management
fee reductions to certain funds.
Effective on or about September 1,
2020, portfolio management responsibilities for the funds
listed below will be assumed or reallocated to the following
Portfolio Advisor and/or Portfolio Sub-Advisors:
Fund
|
Portfolio
Management Responsibilities
|
Imperial Canadian
Equity Pool
|
CIBC Asset Management
Inc.
|
|
Connor, Clark &
Lunn Investment Management Limited
|
Imperial U.S. Equity
Pool
|
CIBC Asset Management
Inc.
|
|
CIBC Private Wealth
Advisors, Inc.
|
|
Rothschild & Co
Asset Management U.S. Inc.
|
|
Morgan Stanley
Investment Management Inc.
|
Renaissance Canadian
Equity Private Pool
|
CIBC Asset Management
Inc.
|
|
Connor, Clark &
Lunn Investment Management Limited
|
Renaissance U.S.
Equity Private Pool
|
CIBC Asset Management
Inc.
|
|
CIBC Private Wealth
Advisors
|
|
Rothschild & Co
Asset Management U.S. Inc.
|
|
Morgan Stanley
Investment Management Inc.
|
Renaissance Canadian
Growth Fund
|
CIBC Asset Management
Inc.
|
Renaissance Canadian
Balanced Fund
|
CIBC Asset Management
Inc.
|
Renaissance Canadian
Monthly Income Fund
|
CIBC Asset Management
Inc.
|
CIBC Monthly Income
Fund
|
CIBC Asset Management
Inc.
|
CIBC Global Monthly
Income Fund
|
CIBC Asset Management
Inc.
|
|
Brandywine Global
Investment Management, LLC.
|
CIBC Balanced
Fund
|
CIBC Asset Management
Inc.
|
Effective on or about September 1,
2020, the annual management fees for the following funds
will be reduced as indicated below:
Fund
|
Class
|
Current Annual
Management Fee (%)
|
New Annual
Management Fee (%)
|
Renaissance
Canadian Equity
Private Pool
|
Class A
|
1.75%
|
1.60%
|
Class C
|
1.65%
|
1.50%
|
Class I
|
0.65%
|
0.50%
|
Premium*
|
1.70%
|
1.55%
|
F-Premium*
|
0.70%
|
0.55%
|
N-Premium*
|
0.70%
|
0.55%
|
Renaissance U.S.
Equity Private Pool
|
Class A
|
1.75%
|
1.60%
|
Class C
|
1.75%
|
1.60%
|
Class I
|
0.75%
|
0.60%
|
Premium
Class*
|
1.70%
|
1.55%
|
H-Premium*
|
1.70%
|
1.55%
|
F-Premium*
|
0.70%
|
0.55%
|
FH-Premium*
|
0.70%
|
0.55%
|
N-Premium*
|
0.70%
|
0.55%
|
NH-Premium*
|
0.70%
|
0.55%
|
Renaissance
Canadian Growth
Fund
|
Class A
|
1.75%
|
1.55%
|
Class F
|
0.75%
|
0.55%
|
Renaissance
Canadian Balanced
Fund
|
Class A
|
1.65%
|
1.60%
|
Class F
|
0.65%
|
0.60%
|
Renaissance
Canadian Monthly
Income Fund
|
Class A
|
1.50%
|
1.45%
|
Class F
|
0.75%
|
0.70%
|
CIBC Balanced
Fund
|
Class A
|
1.90%
|
1.80%
|
Class F
|
0.90%
|
0.80%
|
*1
Includes all associated T Classes
|
About CIBC
CIBC is a leading North American financial institution with 10
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/ca/media-centre.
About CIBC Asset Management
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 $143
billion in assets under administration as of June 2020.
SOURCE CIBC Asset Management Inc.