TORONTO, May 25, 2015 /CNW/ - CIBC Asset Management Inc., the manager
and trustee of the Renaissance Investments family of funds, today
announced plans to terminate the Renaissance Asian Fund and the
Renaissance European Fund (the "funds") on or about August 14, 2015.
Effective immediately, units of the funds are no longer available for
new investment, including additional purchases by existing unitholders
and through regular investment plans.
The decision to terminate the funds was made due to the funds'
relatively small asset size and limited number of unitholders.
Unitholders will have the right to redeem or switch their investments in
the funds up to the close of business on the effective date of the
termination. Unitholders will not be required to pay any redemption
fees, sales charges or other fees associated with the termination.
Unitholders will receive details of the termination and are encouraged
to speak with their financial advisor to discuss their investment
options.
In accordance with securities legislation, notice will be sent to
unitholders of the terminating funds no less than 60 days prior to the
effective termination date.
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 portfolio management for institutional
clients. CAM is one of Canada's largest asset management firms, with
over $100 billion in assets under management as of March 31, 2015.
SOURCE CIBC