TORONTO, May 13, 2022
/CNW/ - CIBC (TSX: CM) (NYSE: CM), CIBC Asset
Management Inc. (CAMI), as manager, today announced the
discontinuation of its deferred sales charge (back-end and low
load) purchase options (referred to as DSC purchase options) for
the Renaissance Investments Family of Funds and Axiom
Portfolios.
This announcement is in keeping with amendments to National
Instrument 81-105 Mutual Fund Sales Practices coming into
effect June 1, 2022. These amendments
will prohibit the payment by fund organizations of upfront sales
commissions to dealers, which will result in the discontinuation of
all forms of the DSC purchase options.
As a result, effective May 13,
2022, CAMI will close all its DSC purchase options to new
purchases—including purchases through pre-authorized chequing
plans. Anyone holding these units can continue holding them in
their accounts and the deferred sales charge schedule will continue
to apply to these units. Switches to units of another fund managed
by CAMI under the same DSC purchase option will continue to be
available.
About CIBC
CIBC is a leading North American financial institution with 11
million personal banking, business, public sector and institutional
clients. Across Personal and Small Business Banking, Commercial
Banking and Wealth Management, and Capital Markets businesses, CIBC
offers a full range of advice, solutions and services through its
leading digital banking network, and locations across Canada, in the
United States and around the world. Ongoing news releases
and more information about CIBC can be found at
https://www.cibc.com/en/about-cibc/media-centre.html.
About CIBC Asset Management
CIBC Asset Management, Inc. (CAMI), the asset management
subsidiary of CIBC, provides a range of high-quality investment
management services and solutions to retail and institutional
investors. CAMI's offerings include: a comprehensive platform of
mutual funds, strategic managed portfolio solutions, discretionary
investment management services for high-net-worth individuals, and
institutional portfolio management. CAMI is one of Canada's largest asset management firms, with
over $170 billion in assets under
administration as of March 2022.
SOURCE CIBC