Toronto-based CIBC Asset Management Inc. is launching the Renaissance Private Investment Program (RPIP) for affluent investors, which promises financial advisors the ability to offer a wide range of portfolios accompanied by competitive fees.
“Financial advisors can now truly customize portfolios to offer their clients personalized, innovative solutions to address their unique needs — from wealth preservation and tax efficiency to currency hedging and flexible pricing,” says David Scandiffio, president, CIBC Asset Management, in a statement released on Monday. “Our open architecture structure also offers access to leading international investment expertise.”
The program consists of 13 investment pool funds, which cover a range of asset classes, including traditional equity and fixed-income as well as non-traditional investments, such as real assets and infrastructure debt. Advisors have the option of creating customized portfolios from the different pool funds or leverage the existing multi-asset balanced pools to enhance the diversification of high net-worth clients’ portfolios, according to CIBC Asset Management’s announcement.
The firm is ensuring the program is accessible to advisors with different fee models, the announcement states: “[The] RPIP’s flexibility allows advisors to engage with the program in ways that make sense for their business, offering competitive pricing and options for both commission and fee-based advisory business models. Negotiated dealer service fees also give advisors increased flexibility to meet affluent client needs.”
The RPIP also makes management fee reductions available to clients with investments of $250,000 and higher, which would apply back to the first dollar invested. The RPIP comes with a family account-linking feature that allows immediate family members, even those who do not reside at the same address, access to the program and the management fee reductions.
With the program, CIBC Asset Management is welcoming new subadvisors into the fold: New York-based Brookfield Investment Management Inc., Los Angeles-based DoubleLine Capital L.P., Des Moines, Iowa-based Principal Global Investors LLC and Pasadena, Calif.-based Western Asset Management Co.
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