CM Investment Management announced today the appointment of new sub-advisors for two of its Renaissance Mutual Funds and three of its Frontiers Pools.

Walter Scott & Partners Ltd. has been appointed as the portfolio sub-advisor of Renaissance Global Growth Fund, replacing Merrill Lynch Investment Managers, L.P.

Walter Scott will also replace Marvin & Palmer Associates, Inc. as sub-advisor of Renaissance International Growth Fund.

These changes will take effect May 10.

In addition, Frontiers International Equity Pool will now be co-managed by Walter Scott, replacing Marvin & Palmer Associates, Inc. as portfolio sub-advisor of the growth portion of the pool.

Acuity Investment Management Inc. and UBS Global Asset Management Inc. have been appointed as the small-cap managers for Frontiers Canadian Equity Pool and Frontiers U.S. Equity Pool, respectively.

The small-cap portions are new additions to each pool and will each have a target weighting of 10%.

These changes will take effect May 10, 2004.

“We are pleased to be broadening our relationships with Walter Scott & Partners Ltd. and Acuity Investment Management Inc. and look forward to building a new relationship with UBS Global Asset Management Inc.,” said Brenda Bartlett, president and COO, CM Investment Management, in a news release. “We believe each of these partners bring world-class experience and will complement and enhance our line up.”

CM Investment Management is a division of CIBC Asset Management Inc., a wholly owned subsidiary of CIBC.