CIBC Asset Management announces completion of fund mergers



    TORONTO, Aug. 20 /CNW/ - CIBC Asset Management Inc. today announced the
successful merger of 19 mutual funds.
    The move to merge funds that share similar investment objectives was
completed as part of a broader initiative creating a unified offering under
the brand Renaissance Investments(TM), which was also launched today.
    "Renaissance Investments combines the strengths of the Talvest and
Renaissance mutual fund families, creating a unified offer that will benefit
our clients," said Steve Geist, President of CIBC Asset Management Inc. "The
Renaissance Investments line-up of investment solutions was enhanced to
provide investors the very best in choice, value and investment management
expertise."

    
    The following funds were merged and, in some cases, renamed:

    -------------------------------------------------------------------------
    Terminating Fund        Continuing Fund        Post-Merger Fund Name
    -------------------------------------------------------------------------
    Talvest Cdn. Equity     Renaissance Canadian   Renaissance Canadian
     Growth Fund             Growth Fund            Growth Fund
    -------------------------------------------------------------------------
    Talvest Cdn. Equity     Renaissance Canadian   Renaissance Canadian
     Value Fund              Core Value Fund        Core Value Fund
    -------------------------------------------------------------------------
    Talvest European Fund   Renaissance Euro Fund  Renaissance European Fund
    -------------------------------------------------------------------------
    Talvest High Yield      Renaissance Canadian   Renaissance Canadian
     Bond Fund               High Yield Bond Fund   High Yield Bond Fund
    -------------------------------------------------------------------------
    Talvest Small Cap       Renaissance Canadian   Renaissance Canadian
     Cdn. Equity Fund        Small Cap Fund         Small-Cap Fund
    -------------------------------------------------------------------------
    Talvest U.S. Equity     Renaissance U.S.       Renaissance U.S.
     Fund                    Equity Value Fund      Equity Value Fund
    -------------------------------------------------------------------------
    Talvest Renaissance     Renaissance Canadian   Renaissance Canadian
     Canadian Balanced Fund  Balanced Fund          Balanced Fund
    -------------------------------------------------------------------------
    Talvest Renaissance     Renaissance Canadian   Renaissance Canadian
     Canadian Balanced       Balanced Value Fund    Balanced Value Fund
     Value Fund
    -------------------------------------------------------------------------
    Talvest Renaissance     Renaissance Canadian   Renaissance Canadian
     Canadian Core Value     Core Value Fund        Core Value Fund
     Fund
    -------------------------------------------------------------------------
    Talvest Renaissance     Renaissance Canadian   Renaissance Canadian
     Canadian Real Return    Real Return Bond Fund  Real Return Bond Fund
     Bond Fund
    -------------------------------------------------------------------------
    Talvest Renaissance     Renaissance U.S.       Renaissance U.S.
     U.S. Equity Value Fund  Equity Value Fund      Equity Value Fund
    -------------------------------------------------------------------------
    Renaissance Canadian    Talvest Bond Fund      Renaissance Canadian
     Bond Fund                                      Bond Fund
    -------------------------------------------------------------------------
    Renaissance Canadian    Talvest Money Market   Renaissance Money
     Money Market Fund       Fund                   Market Fund
    -------------------------------------------------------------------------
    Renaissance Global      Talvest Global         Renaissance Global
     Opportunities Fund      Markets Fund           Markets Fund
    -------------------------------------------------------------------------
    Renaissance             Talvest International  Renaissance International
     International           Equity Fund            Equity Fund
     Growth Fund
    -------------------------------------------------------------------------
    Renaissance Tactical    Talvest Global Asset   Renaissance Global
     Allocation Fund         Allocation Fund        Asset Allocation Fund
    -------------------------------------------------------------------------
    Renaissance Talvest     Talvest China Plus     Renaissance China
     China Plus Fund         Fund                   Plus Fund
    -------------------------------------------------------------------------
    Renaissance Talvest     Talvest Global         Renaissance Global
     Global Health Care      Health Care Fund       Health Care Fund
     Fund
    -------------------------------------------------------------------------
    Renaissance Talvest     Talvest Millennium     Renaissance Millennium
     Millennium High         High Income Fund       High Income Fund
     Income Fund
    -------------------------------------------------------------------------
    

    In accordance with securities legislation, notice was sent to unitholders
of the Terminating Funds no less than 60 days prior to the effective date of
the mergers. Unitholders of the terminating funds have now become direct
unitholders of the continuing fund.
    CIBC Asset Management Inc. also confirmed the successful termination of
the Talvest Cdn. Multi Management Fund on August 10th. The decision to
terminate the fund resulted from the merger of several of its underlying
funds. Unitholders of Talvest Cdn. Multi Management Fund were given direct
ownership of units in the four underlying funds. On August 17, 2007, three of
the four funds were merged and renamed, as indicated:

    
    -------------------------------------------------------------------------
    Terminating Fund        Continuing Fund        New Fund Name
    -------------------------------------------------------------------------
    Talvest Cdn. Equity     Renaissance Canadian   Renaissance Canadian
     Value Fund              Core Value Fund        Core Value Fund
    -------------------------------------------------------------------------
    Talvest Cdn. Equity     Renaissance Canadian   Renaissance Canadian
     Growth Fund             Growth Fund            Growth Fund
    -------------------------------------------------------------------------
    Talvest Small Cap Cdn.  Renaissance Canadian   Renaissance Canadian
     Equity Fund             Small Cap Fund         Small-Cap Fund
    -------------------------------------------------------------------------
    

    The fourth fund, Talvest Millennium Next Generation Fund, was also
renamed the Renaissance Millennium Next Generation Fund.
    The fund mergers were not subject to any unitholder or regulatory
approvals due to the similar nature, fee structure and valuation procedures of
each Terminating Fund and Continuing Fund. As required by securities
legislation, the Independent Review Committee of the Talvest Funds and
Renaissance Funds approved the fund mergers at a meeting held on April 27,
2007. The Board of Directors of CIBC Asset Management Inc. also approved the
fund mergers at a meeting held on June 7, 2007.
    For additional information, please visit www.renaissanceinvestments.ca.

    Renaissance Investments offers a line-up of high quality investment
solutions which offer investors the very best in choice, value and investment
management expertise. Renaissance Investments products include the Renaissance
Investments family of funds, Axiom Portfolios, Frontiers Pools and Sequence
Portfolios. Renaissance Investments is offered by CIBC Asset Management Inc.,
which manages more than $50 billion dollars for over 1.5 million investors.
For additional information, visit our website at
www.renaissanceinvestments.ca.

    CIBC is a leading North American financial institution with more than
11 million personal banking and business customers. CIBC offers a full range
of products and services through its comprehensive electronic banking network,
branches and offices across Canada, in the United States and around the world.
You can find other news releases and information about CIBC in our Press
Centre on our corporate website at www.cibc.com.




For further information:

For further information: Media contact: Rob McLeod, Senior Director,
CIBC Communications and Public Affairs, at (416) 980-3714. Product inquiries:
CIBC Asset Management Client Services, 1-888-888-3863


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