Toronto-based CIBC Asset Management Inc. (CIBC AM) announced Thursday changes to the risk ratings for 12 Renaissance Investments mutual funds. The changes are effective on or about Sept. 11.
The risk ratings have been changed to better align with the new standardized risk classification methodology set out by the Canadian Securities Administrators, CIBC AM says in its announcement.
The investment objectives, strategies and management of the funds will remain the same.
CIBC AM reviews risk ratings on annual basis and makes adjustments as needed.
A full list of the affected funds and their new ratings is available on the firm's news release.