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.
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CIBC Asset Management announces changes to its fund line-up
May 25, 2015, 10:30 ET