TORONTO, June 20,
2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC
today announced a number of changes to its product line-up,
including fund name changes, fee reductions and the termination of
the Class D of the CIBC ETF Portfolios (formerly CIBC Passive
Portfolios).
Fund name changes
Effective on or about June 20,
2022, the following CIBC Portfolios will be renamed as
described below.
Current fund
name
|
New fund
name
|
CIBC Conservative
Passive Portfolio
|
CIBC Conservative ETF
Portfolio
|
CIBC Balanced Passive
Portfolio
|
CIBC Balanced ETF
Portfolio
|
CIBC Balanced Growth
Passive Portfolio
|
CIBC Balanced Growth
ETF Portfolio
|
CIBC Managed Aggressive
Growth Portfolio
|
CIBC Managed Growth
Plus Portfolio
|
CIBC also announced changes to the underlying investment
fulfillment of the CIBC ETF Portfolios (formerly the CIBC Passive
Portfolios) from CIBC Index mutual funds to CIBC Index ETFs, a
suite of low cost ETFs.
Fee changes for CIBC ETF
Portfolios
Effective on or about June 20,
2022, the management fees and the fixed administration fees
for the Class A and Class F will be reduced as follows:
|
Class A
|
Class F
|
|
Current
|
New
|
Current
|
New
|
Management
fee
|
1.05 %
|
0.90 %
|
0.30 %
|
0.15 %
|
Fixed administration
fee
|
0.15 %
|
0.10 %
|
0.15 %
|
0.05 %
|
"The CIBC ETF Portfolios make ETFs more accessible to a broader
group of Canadian investors," said David
Scandiffio, President and Chief Executive Officer, CIBC
Asset Management. "They combine CIBC's low cost index ETFs across
different asset classes and exposures in a well-diversified
portfolio, all through the convenience of a single investment."
Termination of Class D
CIBC also announced the termination of Class D of the CIBC ETF
Portfolios (formerly CIBC Passive Portfolios). Regulatory changes
that became effective June 1, 2022
prohibited the payment of trailing commissions to self-directed
brokerages. As a result of these changes, we are terminating Class
D that were only available to investors who have accounts through
discount brokers.
Commissions, trailing commissions, management fees and expenses
all may be associated with mutual fund investments. Please read the
simplified prospectus before investing. Mutual funds are not
guaranteed, their values change frequently, and past performance
may not be repeated.
About CIBC
CIBC is a leading North American financial institution with 11
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.
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 $160 billion in assets under
administration as of April 2022.
SOURCE CIBC