CIBC Asset Management Inc. announces unitholder approval of a fixed rate administration fee

TORONTO, Aug. 3, 2021 /CNW/ – CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. («CAM») today announced that unitholders…

TORONTO, Aug. 3, 2021 /CNW/ – CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. («CAM») today announced that unitholders have voted in favour of its proposal to introduce a fixed rate administration fee for the Renaissance Investment Funds, Axiom Portfolios and Renaissance Private Pools listed below (each a «fund» and collectively the «funds»).

Effective September 1, 2021, CAM, as manager, will pay the operating expenses of each fund, other than certain expenses, in exchange for the payment by the fund of an annual fixed rate administration fee. This fee will apply to all classes of each fund, other than Class O and Class OH, if available, and will be equal to a specified percentage of the net asset value of each class of a fund.  

For each fund, the approval of unitholders in the voting classes was required to implement the fixed rate administration fee proposal for that specific fund. Unitholders in other classes of each fund were not entitled to vote and received notice of the fixed rate administration fee proposal.

At the special meetings of the funds held on July 30, 2021, unitholders in the voting classes of the following funds have approved the fixed rate administration fee proposal.

Axiom Portfolios

Axiom All Equity Portfolio

Axiom Balanced Growth Portfolio

Axiom Balanced Income Portfolio

Axiom Canadian Growth Portfolio

Axiom Diversified Monthly Income Portfolio

Axiom Foreign Growth Portfolio

Axiom Global Growth Portfolio

Axiom Long-Term Growth Portfolio

 

Renaissance Investments family of funds

Renaissance Canadian All-Cap Equity Fund

Renaissance Canadian Balanced Fund

Renaissance Canadian Bond Fund

Renaissance Canadian Core Value Fund

Renaissance Canadian Dividend Fund

Renaissance Canadian Growth Fund

Renaissance Canadian Monthly Income Fund

Renaissance Canadian Small Cap Fund

Renaissance Canadian T-Bill Fund

Renaissance China Plus Fund

Renaissance Corporate Bond Fund

Renaissance Diversified Income Fund

Renaissance Emerging Markets Fund

Renaissance Flexible Yield Fund 

Renaissance Floating Rate Income Fund

Renaissance Global Bond Fund

Renaissance Global Focus Currency Neutral Fund

Renaissance Global Focus Fund

Renaissance Global Growth Currency Neutral Fund

Renaissance Global Growth Fund

Renaissance Global Health Care Fund

Renaissance Global Infrastructure Currency Neutral Fund

Renaissance Global Infrastructure Fund

Renaissance Global Markets Fund

Renaissance Global Real Estate Currency Neutral Fund

Renaissance Global Real Estate Fund

Renaissance Global Science and Technology Fund

Renaissance Global Small-Cap Fund

Renaissance Global Value Fund

Renaissance High Yield Bond Fund

Renaissance International Dividend Fund

Renaissance International Equity Currency Neutral Fund

Renaissance International Equity Fund

Renaissance High Income Fund

Renaissance Money Market Fund

Renaissance Optimal Conservative Income Portfolio

Renaissance Optimal Global Equity Currency Neutral Portfolio

Renaissance Optimal Global Equity Portfolio

Renaissance Optimal Growth & Income Portfolio

Renaissance Optimal Income Portfolio

Renaissance Optimal Inflation Opportunities Portfolio

Renaissance Real Return Bond Fund

Renaissance Short Term Income Fund

Renaissance U.S. Dollar Corporate Bond Fund

Renaissance U.S. Dollar Diversified Income Fund

Renaissance U.S. Equity Fund

Renaissance U.S. Equity Growth Currency Neutral Fund

Renaissance U.S. Equity Growth Fund

Renaissance U.S. Equity Income Fund

Renaissance U.S. Equity Value Fund

Renaissance U.S. Money Market Fund

 

Renaissance Private Pools

Renaissance Canadian Equity Private Pool

Renaissance Canadian Fixed Income Private Pool

Renaissance U.S. Equity Private Pool

Renaissance International Equity Private Pool

Renaissance Emerging Markets Equity Private Pool

Renaissance Global Bond Private Pool

Renaissance Ultra Short-Term Income Private Pool

Renaissance Equity Income Private Pool

Renaissance Multi-Sector Fixed Income Private Pool

Renaissance Multi-Asset Global Balanced Income Private Pool

Renaissance Multi-Asset Global Balanced Private Pool

Renaissance Global Equity Private Pool

Renaissance Real Assets Private Pool

About CIBC

CIBC is a leading North American financial institution with 10 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 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 $162 billion in assets under administration as of June 2021.

SOURCE CIBC