CIBC Asset Management Announces Portfolio Sub-advisor Changes

TORONTO, Feb. 10, 2016 /CNW/ - CIBC Asset Management Inc. today announced portfolio sub-advisor changes to further strengthen core investment solutions. Changes will take effect on or about April 1, 2016.

"We constantly monitor our product line-up to ensure we continue to deliver enhanced performance and risk-adjusted returns to our clients," said David Scandiffio, President and CEO, CIBC Asset Management. "Our open architecture approach allows us to partner with the highest-quality investment management expertise from around the globe, and the enhancements announced today will benefit our clients and strengthen our investment offerings."  

Renaissance Global Markets Fund
Causeway Capital Management LLC (Causeway) has been appointed as portfolio sub-advisor for Renaissance Global Markets Fund. Causeway is an independent investment management firm based in Los Angeles, California, and founded in June 2001. It takes a bottom-up approach to selecting mid- and large-cap global stocks, seeking to identify under-priced securities that are held until the market recognizes their fair value. The firm's portfolio managers and research analysts work together to determine expected returns for undervalued securities. This analysis is then refined using tools developed by their quantitative specialists to manage portfolio risk. Causeway manages over $41 billion in assets as of Dec. 31.

Renaissance Canadian Core Value Fund
For the global equity component, the Fund will now include exposure to Renaissance Global Value Fund, sub-advised by Pzena Investment Management, LLC. The Canadian equity sleeve of the Fund will continue to be managed by CIBC Asset Management.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units – Retail and Business Banking, Wealth Management and Wholesale Banking – CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC on our corporate website at www.cibc.com/ca/media-centre/.

About CIBC Asset Management

CIBC Asset Management, Inc., the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. Offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and portfolio management for institutional clients. CIBC Asset Management is one of Canada's largest asset management firms, with over $111 billion in assets under management as of December 31, 2015.                                      

SOURCE Canadian Imperial Bank of Commerce

Copyright 2016 Canada NewsWire