CIBC Asset Management Inc. (CAM) announced a plan to introduce fixed administration fees for certain investment funds and private pools on Tuesday.
The fixed fees will apply to the Renaissance Investments funds, Axiom Portfolios and Renaissance Private Pools, replacing the variable operating expenses currently charged by the funds.
The new administration fees will apply to all classes of the funds, except for Class O and Class OH, according to a release.
CAM said fixed administration fees will offer “greater predictability and transparency of the management expense ratio (MER).” Under the proposal, the MER of each class of each fund is expected to be less than or equal to the most recently published MER.
The changes are expected to take effect Sept. 1. Unitholder votes to approve the changes are expected to take place on July 30. (Not all fund classes require unitholder approval for the changes.)
For a full list of funds affected by the change, see CAM’s release.