CIBC Asset Management Inc. announced cuts in annual trailing commissions and management fees across select series of its mutual fund lineup on Monday.
The changes were made to create a simpler and more consistent pricing structure, the firm said in a statement announcing the changes. The new prices will be effective on Sept. 1 for Renaissance Investments fund families and Sept. 6 for the CIBC family of funds.
“With a number of pricing options to support advice for clients under various models,” said David Scandiffio, president of CIBC Asset Management, in a statement, “our commitment is to be flexible, competitive and consistent when it comes to the cost of owning actively managed investment solutions.”
The firm has listed the affected funds and their prices on this document.
The firm also announced a change in portfolio subadvisor and changes to its risk rating for five funds.
Salt Lake City, Utah-based Wasatch Advisors Inc. has been appointed as portfolio subadvisor for Renaissance Global Small-Cap Fund, effective on or about Aug. 1.
Wasatch will replace Wellington Management Canada LLC as portfolio subadvisor on the fund.
Renaissance Global Small-Cap is an underlying investment of both Renaissance Optimal Global Equity Portfolio and Renaissance Optimal Global Equity Currency Neutral Portfolio.
CIBC Asset Management also announced that it will be changing the risk rating of Axiom Canadian Growth Portfolio, Axiom Foreign Growth Portfolio, Renaissance Canadian Monthly Income Fund and CIBC Global Monthly Income Fund to “low to medium” from “medium.” The firm also changed the risk rating for Renaissance High Income Fund to “medium” from “low to medium.”
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