TORONTO, March 25, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc.(CAM), today announced its intention to terminate the Renaissance Canadian T-Bill Fund, the Renaissance Global Value Fund, the Renaissance Global Focus Currency Neutral Fund and the Renaissance Optimal Global Equity Currency Neutral Portfolio (the "Funds") on or about August 19, 2022 (the "Termination Date").
Effective immediately, units of the Funds are no longer available for new purchases, including additional purchases by existing unitholders and through pre-authorized chequing plans.
The decision to terminate the Funds was made due to the Funds' relatively small asset size.
Unitholders will have the right to redeem or switch their investments in the Funds up to the close of business on the Termination Date. Unitholders will not be required to pay any short-term trading fees, switch fees or other fees associated with the termination of the Funds.
In accordance with securities legislation, notice of the terminations will be sent to unitholders of the Funds no less than 60 days prior to the Termination Date.
CAM encourages all unitholders to consult with their advisors to discuss the financial and tax implications of the terminations and to determine the solution that best suits their investment needs and personal situation.
CAM, as portfolio advisor, also announces that effective on or about May 2, 2022, portfolio management responsibilities for the following funds will be assumed or reallocated to the portfolio sub-advisor as outlined below.
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Fund
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Portfolio Management Responsibilities
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Imperial Emerging Economies Pool
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Victory Capital Management Inc.
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Renaissance Emerging Markets Private Pool
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Victory Capital Management Inc.
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About CIBC
CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small 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 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 $170 billion in assets under administration as of February 2022.
SOURCE CIBC
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