TORONTO, May 25, 2015 /CNW/ - CIBC Asset Management Inc.,
the manager and trustee of the Renaissance Investments family of
funds, today announced plans to terminate the Renaissance Asian
Fund and the Renaissance European Fund (the "funds") on or about
August 14, 2015.
Effective immediately, units of the funds are no longer
available for new investment, including additional purchases by
existing unitholders and through regular investment plans.
The decision to terminate the funds was made due to the funds'
relatively small asset size and limited number of unitholders.
Unitholders will have the right to redeem or switch their
investments in the funds up to the close of business on the
effective date of the termination. Unitholders will not be required
to pay any redemption fees, sales charges or other fees associated
with the termination. Unitholders will receive details of the
termination and are encouraged to speak with their financial
advisor to discuss their investment options.
In accordance with securities legislation, notice will be sent
to unitholders of the terminating funds no less than 60 days prior
to the effective termination date.
About CIBC Asset Management
CIBC Asset Management, Inc. (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
portfolio management for institutional clients. CAM is one of
Canada's largest asset management
firms, with over $100 billion in
assets under management as of March 31, 2015.
SOURCE CIBC