CIBC Asset Management Inc. announces unitholder approval of a fixed rate administration fee

TORONTO, Aug. 3, 2021 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. ("CAM") today announced that unitholders have voted in favour of its proposal to introduce a fixed rate administration fee for the Renaissance Investment Funds, Axiom Portfolios and Renaissance Private Pools listed below (each a "fund" and collectively the "funds").

Effective September 1, 2021, CAM, as manager, will pay the operating expenses of each fund, other than certain expenses, in exchange for the payment by the fund of an annual fixed rate administration fee. This fee will apply to all classes of each fund, other than Class O and Class OH, if available, and will be equal to a specified percentage of the net asset value of each class of a fund.  

For each fund, the approval of unitholders in the voting classes was required to implement the fixed rate administration fee proposal for that specific fund. Unitholders in other classes of each fund were not entitled to vote and received notice of the fixed rate administration fee proposal.

At the special meetings of the funds held on July 30, 2021, unitholders in the voting classes of the following funds have approved the fixed rate administration fee proposal.

Axiom Portfolios Axiom All Equity Portfolio Axiom Balanced Growth Portfolio Axiom Balanced Income Portfolio Axiom Canadian Growth Portfolio Axiom Diversified Monthly Income Portfolio Axiom Foreign Growth Portfolio Axiom Global Growth Portfolio Axiom Long-Term Growth Portfolio Renaissance Investments family of funds Renaissance Canadian All-Cap Equity Fund Renaissance Canadian Balanced Fund Renaissance Canadian Bond Fund Renaissance Canadian Core Value Fund Renaissance Canadian Dividend Fund Renaissance Canadian Growth Fund Renaissance Canadian Monthly Income Fund Renaissance Canadian Small Cap Fund Renaissance Canadian T-Bill Fund Renaissance China Plus Fund Renaissance Corporate Bond Fund Renaissance Diversified Income Fund Renaissance Emerging Markets Fund Renaissance Flexible Yield Fund  Renaissance Floating Rate Income Fund Renaissance Global Bond Fund Renaissance Global Focus Currency Neutral Fund Renaissance Global Focus Fund Renaissance Global Growth Currency Neutral Fund Renaissance Global Growth Fund Renaissance Global Health Care Fund Renaissance Global Infrastructure Currency Neutral Fund Renaissance Global Infrastructure Fund Renaissance Global Markets Fund Renaissance Global Real Estate Currency Neutral Fund Renaissance Global Real Estate Fund Renaissance Global Science and Technology Fund Renaissance Global Small-Cap Fund Renaissance Global Value Fund Renaissance High Yield Bond Fund Renaissance International Dividend Fund

Renaissance International Equity Currency Neutral Fund Renaissance International Equity Fund Renaissance High Income Fund Renaissance Money Market Fund Renaissance Optimal Conservative Income Portfolio Renaissance Optimal Global Equity Currency Neutral Portfolio Renaissance Optimal Global Equity Portfolio Renaissance Optimal Growth & Income Portfolio Renaissance Optimal Income Portfolio Renaissance Optimal Inflation Opportunities Portfolio Renaissance Real Return Bond Fund Renaissance Short Term Income Fund Renaissance U.S. Dollar Corporate Bond Fund Renaissance U.S. Dollar Diversified Income Fund Renaissance U.S. Equity Fund Renaissance U.S. Equity Growth Currency Neutral Fund Renaissance U.S. Equity Growth Fund Renaissance U.S. Equity Income Fund Renaissance U.S. Equity Value Fund Renaissance U.S. Money Market Fund Renaissance Private Pools Renaissance Canadian Equity Private Pool Renaissance Canadian Fixed Income Private Pool Renaissance U.S. Equity Private Pool Renaissance International Equity Private Pool Renaissance Emerging Markets Equity Private Pool Renaissance Global Bond Private Pool Renaissance Ultra Short-Term Income Private Pool Renaissance Equity Income Private Pool Renaissance Multi-Sector Fixed Income Private Pool Renaissance Multi-Asset Global Balanced Income Private Pool Renaissance Multi-Asset Global Balanced Private Pool Renaissance Global Equity Private Pool Renaissance Real Assets Private Pool

About CIBC
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

About CIBC Asset Management
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 institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $162 billion in assets under administration as of June 2021.

SOURCE CIBC

Nima Ranawana, Public Affairs, 647-456-4556 or [email protected]