(October 23 – 10:00 ET) – CIBC is launching the CIBC High Yield Cash Fund. The new fund is a hybrid between a fixed-income and money market fund. The manager of the fund plans to earn a higher yield by investing in fixed-income securities such as T-bills, bonds and commercial paper.
CIBC is targetting the fund at investors who have an investment time horizon of less than one year and are willing to take on a small amount of risk for higher yields.
“We’ve taken some of the best qualities of a money market fund and fixed income fund, and have combined them together for a truly innovative savings product” says Ted Cadsby, president and chief executive officer of CIBC Securities Inc. “Because it aims to provide a higher return than a traditional money market fund, it will be attractive to investors who have a shorter term time horizon.”
The fund is managed by TAL Global Asset Management Inc. and is 100% RRSP-eligible.
-IE Staff