New offering helps to mitigate the impact of currency fluctuations
TORONTO, Oct. 9, 2015 /CNW/ - CIBC Asset Management Inc. (CAM) today launched currency-hedged classes for the Renaissance U.S. Equity Income Fund. The new offering will provide Canadian investors with the opportunity to access the benefits of exposure to dividend-paying U.S. equities, while mitigating the impact of currency fluctuations.
"Canadian investors are seeking more stability, including the ability to minimize the impact of currency exchange rates on their U.S. investments," says David Scandiffio, President and CEO of CIBC Asset Management. "We are pleased to be able to provide that option to our clients with new currency-hedged classes of a core investment solution."
The Renaissance U.S. Equity Income Fund is sub-advised by American Century Investments® and seeks to provide current income and long-term capital growth by investing primarily in a diversified portfolio of equity securities of companies located in the United States. CIBC owns a 41-per cent equity interest in American Century, a major U.S. asset management, serving financial intermediaries, institutions and individuals.
About CIBC Asset Management
CAM, the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to individual 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 portfolio management for institutional clients. CAM is one of Canada's largest asset management firms, with over $110 billion in assets under management as of June 30, 2015.
SOURCE Canadian Imperial Bank of Commerce
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