CIBC Asset Management Announces Portfolio Manager Changes to Emerging Markets Mandates
TORONTO, Sept. 4, 2013 /CNW/ - CIBC Asset Management Inc. (CAMI) today announced portfolio manager changes to further strengthen its lineup of emerging markets investments.
The changes include the addition of RS Investment Management Co. LLC (RS Investments), Harding Loevner LP (Harding Loevner) and Pzena Investment Management, LLC (Pzena) as portfolio sub-advisors to certain emerging markets investment mandates, effective on or about November 1, 2013.
"Emerging markets economies are expected to continue to grow at a faster pace than the developed world," said Steve Geist, President of CIBC Asset Management. "To benefit from that growth potential, it is imperative our partners are specialists with a deep understanding of the nature of these markets and a track record of success. The investment management firms we are adding have proven they can deliver superior long-term returns and manage risk for our clients in the emerging markets space."
Imperial Emerging Economies Pool and Frontiers Emerging Markets Equity Pool
RS Investments, Harding Loevner and Pzena have been appointed as portfolio sub-advisors for the Imperial Emerging Economies Pool and the Frontiers Emerging Markets Equity Pool.
These enhancements will also benefit several Axiom Portfolios - managed portfolio solutions that utilize the Frontiers Emerging Markets Equity Pool.
Renaissance Emerging Markets Fund and CIBC Emerging Markets Fund
RS Investments has been appointed as portfolio sub-advisor for the Renaissance Emerging Markets Fund and CIBC Emerging Markets Fund.
About the Firms
RS Investment Management Co. LLC: RS Investments was founded in 1986 and is headquartered in San Francisco. RS Investments follows a dedicated research team approach to ensure that clients benefit from process consistency, investment excellence and choice across disciplines. As of June 30 2013, the firm managed approximately U.S.$24.4 billion on behalf of its clients.
Harding Loevner LP: Harding Loevner was established in 1989 and is located in Bridgewater, New Jersey. The firm focuses on managing global, international, and emerging markets equity portfolios, using a fundamental research process with a global perspective on industry competitive structures. As of June 30, 2013, Harding Loevner had 79 employees, including 27 investment professionals. Assets under management were U.S.$28.4 billion.
Pzena Investment Management, LLC: Headquartered in New York City, Pzena has a deep value investment philosophy which emphasizes an understanding of business models and earnings power. Pzena's strong research team conducts in-depth proprietary analysis into companies in order to produce better judgments about the prospects of its investment universe. As of June 30, 2013, the firm managed U.S.$20.3 billion in assets for leading corporate, public, and individual clients.
CIBC Asset Management, the asset management division of CIBC, is responsible for the CIBC and Renaissance Investments families of mutual funds, Imperial Pools, 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 more than $60 billion in assets.