CIBC Asset Management Inc. announces its intention to introduce a fixed administration fee

By: via PR Newswire

TORONTO, May 25, 2021 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. (CAM), as manager, today announced its intention to introduce a fixed administration fee for the Renaissance Investments funds, Axiom Portfolios and Renaissance Private Pools (each, a "fund" and collectively, the "funds") listed in Appendix A of this release, replacing the variable operating expenses currently being charged to these funds (the "Administration Fee Proposal").

Pending the required unitholder approval, and if CAM proceeds with the change, the Administration Fee Proposal shall be implemented effective September 1, 2021. CAM would then be responsible for the operating expenses of each fund, other than certain expenses, in exchange for the payment by the fund of a fixed administration fee. The fixed administration fee will apply to all classes of each fund, with the exception of Class O and Class OH, as applicable.

The benefits to unitholders of fixed administration fees include greater predictability and transparency of the management expense ratio ("MER") of each class of the funds, which will consist of the management fee, the fixed administration fee, certain expenses and applicable taxes. The MER of each class of each fund under the Administration Fee Proposal is also expected to be less than or equal to the class' most recently published MER. Unitholders will also gain a protection from potential increases in future operating expenses. The Independent Review Committee of the funds has reviewed the Administration Fee Proposal with respect to the potential conflict of interest matters and provided its positive recommendation, having determined that the Administration Fee Proposal achieve a fair and reasonable result for each fund.

Special meetings to obtain unitholder approval on the Administration Fee Proposal will be held on or about July 30, 2021. Each fund will vote separately on the Administration Fee Proposal, with the exception of certain classes, which are not entitled to vote and will only receive notice of the Administration Fee Proposal. Proxy related materials for voting unitholders and the notice to non-voting unitholders are expected to be sent on or about June 24, 2021.

Affected classes

Holders of record on June 8, 2021 for the following classes of units of the funds, will be entitled to vote on the Administration Fee Proposal:

Funds

Voting Classes

Renaissance Investment family of funds

Class A, Class T4, Class T6, Class T8*, Class H, Class HT4, Class HT6, Premium Class, H-Premium Class*, Select Class*, Select T4 Class*, Select T6 Class*, Select T8 Class*, Elite Class*, Elite T4 Class*, Elite T6 Class* and Elite T8 Class units*

Axiom Portfolios

Class A, Class T4, and Class T6, Class T8*, Select Class*, Select T4 Class*, Select T6 Class*, Elite Class*, Elite T4 Class* and Elite T6 Class* units

Renaissance Private Pools

Premium Class, Premium T4 Class, Premium T6 Class, Class H-Premium, Class H-Premium T4, and Class H-Premium T6 units of the Renaissance Private Pools

*Classes of units closed to purchases as of September 1, 2017

Unitholders in the following classes of the funds do not need to approve the Administration Fee Proposal and therefore will not vote on it. They will be provided with at least 60 days' notice before the implementation of the change, in accordance with applicable securities law:

Funds

Non-Voting Classes

Renaissance Investment family of funds

Class F, Class FT4, Class FT6, Class FH, Class FHT4, Class FHT6, Class F-Premium*, and Class FH-Premium units*.

Axiom Portfolios

Class F, Class FT4, and Class FT6 units.

Renaissance Private Pools

Class A, Class C, Class I, Class F-Premium, Class F-Premium T4, Class F- Premium T6, Class FH-Premium, Class FH-Premium T4, Class FH-Premium T6, Class N-Premium, Class N-Premium T4, Class N-Premium T6, Class NH-Premium, Class NH-Premium T4, Class NH-Premium T6, and Class S units.

*Classes of units closed to purchases as of September 1, 2017

About CIBC
CIBC is a leading North American financial institution with 10 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/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 $153 billion in assets under administration as of March 2021.

Appendix A

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

 

SOURCE CIBC

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.