TORONTO, Oct. 1, 2012 /CNW/ - CIBC Asset Management Inc. has launched new Class F-Premium units on three key funds within its Renaissance Investments fixed income line up: Renaissance Corporate Bond Capital Yield Fund, Renaissance Canadian Bond Fund and Renaissance Short-Term Income Fund. The addition of the new class will enhance the choice available to high-net-worth clients with fee-based accounts, offering investors even greater value through lower management fees at higher investment amounts.
"We are pleased to continue to provide investors and advisors with greater flexibility, competitive pricing options and access to quality solutions for today's investment environment," said Steve Geist, President of CIBC Asset Management. "The new Class F-Premium units will provide additional choice to higher-net-worth clients with fee-based accounts."
Subject to an initial minimum investment of $100,000, this new class is available to clients participating in fee-based or wrap account programs. Class F-Premium units carry the same characteristics as the Class A units of the Funds; however, the higher investment minimums allow for lower management fees in order to provide investors with greater net returns.
Renaissance Investments is offered by CIBC Asset Management Inc. CIBC Asset Management, the asset management division of CIBC (CM: TSX) (CM: NYSE), is responsible for the CIBC and Renaissance Investments families of mutual funds, Frontiers Pools and the CIBC family of managed portfolio solutions - Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services. CIBC Asset Management manages approximately $55 billion in assets.SOURCE CIBC