CIBC Asset Management Announces Changes to Renaissance Investments Line-up



    TORONTO, Sept. 15 /CNW/ - CIBC Asset Management Inc. is pleased to
announce changes to the Renaissance Investments product line-up, including
changes to investment objectives and fund names, as well as the appointment of
new sub-advisors.
    "We are confident these changes will further add to the strength and
breadth of the Renaissance Investments family of funds. They support our
commitment to offer investors choice, value and quality investment management
expertise", said Steve Geist, President, CIBC Asset Management Inc.

    
    Investment Objective Changes
    ----------------------------
    Effective December 1, 2008, the investment objectives for the following
five Renaissance Investments funds (the "Funds") will change. The new
investment objectives were approved by a significant majority at special
meetings of unitholders of the Funds held on July 25, 2008. To better reflect
the new investment objectives, the investment strategies will be revised
accordingly and the names of certain funds will also be changed. In addition,
as a result of these changes, CIBC Asset Management Inc. will also implement
certain portfolio sub-advisor changes as described further below.

    -------------------------------------------------------------------------
    Fund                  New Fund Name           New Investment Objective

                          Effective December 1,   Effective December 1,
                          2008                    2008
    -------------------------------------------------------------------------
    Renaissance Canadian  Renaissance High-Yield  To generate a high level of
    High Yield Bond Fund  Bond Fund               current income, primarily
                                                  through investment in high-
                                                  yield corporate bonds from
                                                  issuers around the world
                                                  and, where consistent with
                                                  this objective, the Fund
                                                  will also seek capital
                                                  appreciation.
    -------------------------------------------------------------------------
    Renaissance Canadian  Renaissance Real        To generate a regular level
    Real Return Bond      Return Bond Fund        of interest income that is
    Fund                                          hedged against inflation by
                                                  investing primarily in
                                                  government, government-
                                                  guaranteed and corporate
                                                  inflation-linked bonds from
                                                  issuers located around the
                                                  world.
    -------------------------------------------------------------------------
    Renaissance Global    No change               To seek long-term capital
    Multi Management                              appreciation by investing
    Fund                                          primarily in units of
                                                  global and/or Canadian
                                                  mutual funds.
    -------------------------------------------------------------------------
    Renaissance U.S.      Renaissance U.S.        To seek long-term capital
    Index Fund            Equity Fund             growth by investing
                                                  primarily in equity
                                                  securities of companies
                                                  listed on major U.S.
                                                  exchanges and/or domiciled
                                                  primarily in the United
                                                  States.
    -------------------------------------------------------------------------
    Renaissance           Renaissance             To seek long-term capital
    International Index   International           growth and income
    Fund                  Dividend Fund           generation by investing
                                                  primarily in a diversified
                                                  portfolio of equity
                                                  securities of foreign
                                                  companies located in
                                                  Europe, the Far East and
                                                  the Pacific Rim.
    -------------------------------------------------------------------------


    Sub-advisor changes
    -------------------

    Renaissance U.S. Index Fund (to be renamed Renaissance U.S. Equity Fund)

    As a result of this Fund's investment objective change, Enhanced
Investment Technologies, LLC (INTECH) has been appointed portfolio
sub-advisor, replacing CIBC Global Asset Management Inc. effective December 1,
2008.
    U.S.-based INTECH uses a mathematical model to capitalize on equity market
growth while carefully managing risk. INTECH has applied their proprietary
strategy to achieve above-index returns since 1987. The Janus INTECH
Risk-Managed Core Fund, which uses INTECH's Enhanced Plus strategy, has a
5-star Morningstar rating in the United States.

    Renaissance International Index Fund (to be renamed Renaissance
    International Dividend Fund)

    As a result of this Fund's investment objective change, KBC Asset
Management International Ltd. (KBCAM) has been appointed portfolio
sub-advisor, replacing CIBC Global Asset Management Inc. effective December 1,
2008.
    KBCAM is a subsidiary of the KBC Group, one of Europe's largest financial
services providers. KBCAM is known for its expertise in the international
dividend universe. The firm's conservative, lower risk and highly disciplined
investment strategy has made it a strong manager in this space.

    Renaissance Emerging Markets Fund

    Pictet Asset Management Limited (Pictet) has been appointed portfolio
sub-advisor of the Renaissance Emerging Markets Fund, replacing BlackRock
Investment Management International Limited, effective November 1, 2008.
    Pictet, the institutional business division of Pictet & Cie, manages a
range of products including a variety of equity portfolios for international
institutional clients.

    Additional Fund Name Change
    ---------------------------
    

    Effective December 1, 2008, the Renaissance Canadian Income Fund will
have its name changed to the Renaissance Short-Term Income Fund to better
reflect its current investment objective and strategy.

    Renaissance Investments offers a line-up of high quality investment
solutions that offer investors the very best in choice, value and investment
management expertise. Renaissance Investments products include the Renaissance
Investments family of funds, Axiom Portfolios and Frontiers Pools. Renaissance
Investments is offered by CIBC Asset Management Inc., a wholly owned
subsidiary of CIBC. For additional information, visit our website at
www.renaissanceinvestments.ca.





For further information:

For further information: Media contact: Doug Maybee, Director, Media
Relations, at (416) 980-7458; Product inquiries: Renaissance Investments
Client Services at 1-888-888-FUND (3863)


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