Mr. David Scandiffio reports
CIBC ASSET MANAGEMENT ANNOUNCES PORTFOLIO SUB-ADVISOR CHANGES
Canadian Imperial Bank of Commerce's CIBC Asset Management Inc. has made portfolio subadviser changes to further strengthen core investment solutions. Changes will take effect on or about April 1, 2016.
"We constantly monitor our product lineup to ensure we continue to deliver enhanced performance and risk-adjusted returns to our clients," said David Scandiffio, president and chief executive officer of 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 has been appointed as portfolio subadviser for Renaissance Global Markets Fund. Causeway is an independent investment management firm based in Los Angeles, Calif., and founded in June, 2001. It takes a bottom-up approach to selecting mid- and large-cap global stocks, seeking to identify underpriced 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 its 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, subadvised by Pzena Investment Management LLC. The Canadian equity sleeve of the fund will continue to be managed by CIBC Asset Management.
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