Toronto-based CIBC Asset Management Inc. (CIBC AM) announced on Wednesday that it will be making subadvisory changes to Renaissance Global Markets Fund and Renaissance Canadian Core Value Fund, which will come into effect on or about April 1.
Los Angeles-based Causeway Capital Management LLC will subadvise Renaissance Global Markets Fund. Causeway takes a bottom-up approach to selecting mid- and large-capitalization global stocks, which are deemed to be underpriced securities and are held until the market recognizes their fair value, according to CIBC AM’s announcement.
The global equity component of Renaissance Canadian Core Value Fund will now include exposure to Renaissance Global Value Fund, which is subadvised by New York-based Pzena Investment Management LLC. CIBC AM will continue to manage the Canadian equity segment of Renaissance Canadian Core Value Fund.