News

CIBC Asset Management Announces Sub-Advisor Changes

May 1, 2008

Toronto, May 1, 2008 – CIBC Asset Management announced today sub-advisor changes that continue our commitment to bringing quality investment management expertise to Canadian investors.

“CIBC Asset Management is focused on partnering with top portfolio managers to help maximize returns and manage risk for our clients,” said Steve Geist, President of CIBC Asset Management.

“We are pleased to have Aletheia Research and Management Inc. as part of our product line-up,” continued Geist. “We are confident their proven investing expertise in the U.S. equity markets will enhance the long-term performance potential for our clients.”

Sub-advisor change to the Renaissance U.S. Equity Growth Fund and Frontiers U.S. Equity Pool

Aletheia Research and Management Inc. (Aletheia) has been appointed portfolio sub-advisor of the Renaissance U.S. Equity Growth Fund, as well as portfolio sub-advisor for the growth component of the Frontiers U.S. Equity Pool, replacing BlackRock Investment Management LLC. This change will be effective June 1, 2008.

Aletheia, based in Los Angeles, California, was founded in 1997 and manages investments primarily for institutional, separately managed and high net worth accounts. Aletheia’s unique proprietary investment process combines the forensic analysis of balance sheets, insider and corporation actions behaviour, and direct industry research in order to produce superior results for investors over the long term. Their consistent approach has resulted in historically strong performance.

This change will also benefit the Axiom Portfolios, one of our managed portfolio solutions, as most of the portfolios invest in the Frontiers U.S. Equity Pool.

Sub-advisor change to the Renaissance Canadian Balanced Value Fund

Currently the portfolio sub-advisor of the Canadian component of the Fund, CIBC Global Asset Management Inc. will now be responsible for investment management and advisory services for 100% of the assets in the portfolio, effective May 1, 2008. Oppenheimer Asset Management Inc. and Bristlecone Value Partners, LLC will no longer manage a portion of the Fund.

CIBC Asset Management is responsible for the CIBC and Renaissance Investments families of mutual funds, Frontiers Pools, and the CIBC family of managed portfolio solutions – Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services. CIBC Asset Management manages more than $50 billion in assets.

Media contact: Doug Maybee, Director, Media Relations, at 416-980-7458.
Product inquiries: 1-888-888-FUND (3683).