TORONTO, March 22,
2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset
Management Inc. (CAM), today announced its intention to terminate
the Renaissance Real Return Bond Fund and the CIBC Ultra Short-Term
Income Private Pool (the "Funds") on or about August 16, 2024 (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.
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.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets and Direct Financial
Services 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
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 January
2024.
SOURCE CIBC