TORONTO, Aug. 15,
2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset
Management Inc. (CAM), today announced it will be capping Series A,
Series F, Series O and Series S (the "Capped Series") of CIBC 2025
Investment Grade Bond Fund (the "Fund") to all new purchases on
August 21, 2024.
Effective on August 21, 2024, the
Capped Series of the Fund are closed to all new purchases from
existing and new unitholders, including through pre-authorized
chequing plans.
The Fund has been extremely successful since its initial launch
on January 29, 2024. The Fund has
grown rapidly in size, recently surpassing $1.5 billion in assets under management.
"We have been very pleased that this outcome based solution
resonated with the needs of our clients," said David Scandiffio, President and Chief Executive
Officer, CIBC Asset Management. "We made the decision to close the
Capped Series of the Fund to new purchases as a proactive measure.
We expect this will help preserve the desired purpose of the Fund
for existing investors and help maintain the integrity of our
disciplined investment management approach. The investment
objectives of the Fund are not impacted by this decision and will
remain unchanged."
Unitholders of the Capped Series will continue to have the right
to redeem or switch their investments in the Fund.
The ETF Series of the Fund will not be capped and investors will
continue to be able to buy or sell the ETF Series units of the Fund
on Cboe Canada through registered brokers and dealers.
CAM encourages all investors to consult with their advisors to
discuss the implications of the capping for their personal
circumstances and investment needs.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets and Direct Financial
Services 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. (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
institutional portfolio management. CAM is one of Canada's largest asset management firms, with
over $227 billion in assets under
administration as of March 2024.
SOURCE CIBC