PR Newswire | May 25, 2021 01:00PM EDT

administration fee

05/25 12:00 CDT

CIBC Asset Management Inc. announces its intention to introduce a fixed administration fee TORONTO, May 25, 2021

TORONTO, May 25, 2021 /CNW/ - CIBC(TSX: CM) (NYSE: CM) - CIBC Asset Management Inc. (CAM), as manager, today announced its intention to introduce a fixed administration fee for the Renaissance Investments funds, Axiom Portfolios and Renaissance Private Pools (each, a "fund" and collectively, the "funds") listed in Appendix A of this release, replacing the variable operating expenses currently being charged to these funds (the "Administration Fee Proposal").

Pending the required unitholder approval, and if CAM proceeds with the change, the Administration Fee Proposal shall be implemented effective September 1, 2021. CAM would then be responsible for the operating expenses of each fund, other than certain expenses, in exchange for the payment by the fund of a fixed administration fee. The fixed administration fee will apply to all classes of each fund, with the exception of Class O and Class OH, as applicable.

The benefits to unitholders of fixed administration fees include greater predictability and transparency of the management expense ratio ("MER") of each class of the funds, which will consist of the management fee, the fixed administration fee, certain expenses and applicable taxes. The MER of each class of each fund under the Administration Fee Proposal is also expected to be less than or equal to the class' most recently published MER. Unitholders will also gain a protection from potential increases in future operating expenses. The Independent Review Committee of the funds has reviewed the Administration Fee Proposal with respect to the potential conflict of interest matters and provided its positive recommendation, having determined that the Administration Fee Proposal achieve a fair and reasonable result for each fund.

Special meetings to obtain unitholder approval on the Administration Fee Proposal will be held on or about July 30, 2021. Each fund will vote separately on the Administration Fee Proposal, with the exception of certain classes, which are not entitled to vote and will only receive notice of the Administration Fee Proposal. Proxy related materials for voting unitholders and the notice to non-voting unitholders are expected to be sent on or about June 24, 2021.

Affected classes

Holders of record on June 8, 2021 for the following classes of units of the funds, will be entitled to vote on the Administration Fee Proposal:

Funds Voting Classes

Renaissance Class A, Class T4, Class T6, Class T8*, Class H, Class HT4, Investment Class HT6, Premium Class, H-Premium Class*, Select Class*, family of Select T4 Class*, Select T6 Class*, Select T8 Class*, Elite funds Class*, Elite T4 Class*, Elite T6 Class* and Elite T8 Class units*

Axiom Class A, Class T4, and Class T6, Class T8*, Select Class*, Portfolios Select T4 Class*, Select T6 Class*, Elite Class*, Elite T4 Class* and Elite T6 Class* units

Renaissance Premium Class, Premium T4 Class, Premium T6 Class, Class Private Pools H-Premium, Class H-Premium T4, and Class H-Premium T6 units of the Renaissance Private Pools

*Classes of units closed to purchases as of September 1, 2017

Unitholders in the following classes of the funds do not need to approve the Administration Fee Proposal and therefore will not vote on it. They will be provided with at least 60 days' notice before the implementation of the change, in accordance with applicable securities law:

Funds Non-Voting Classes

Renaissance Investment Class F, Class FT4, Class FT6, Class FH, Class FHT4, Class family of FHT6, Class F-Premium*, and Class FH-Premium units*. funds

Axiom Class F, Class FT4, and Class FT6 units. Portfolios

Class A, Class C, Class I, Class F-Premium, Class F-Premium T4,Renaissance Class F- Premium T6, Class FH-Premium, Class FH-Premium T4, Private PoolsClass FH-Premium T6, Class N-Premium, Class N-Premium T4, Class N-Premium T6, Class NH-Premium, Class NH-Premium T4, Class NH-Premium T6, and Class S units.

*Classes of units closed to purchases as of September 1, 2017

About CIBCCIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

About CIBC Asset ManagementCAM, the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM's offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $153 billion in assets under administration as of March 2021.

Appendix A

Axiom Portfolios Axiom All Equity Portfolio Axiom Balanced Growth Portfolio Axiom Balanced Income Portfolio Renaissance International Equity Currency Neutral Fund Axiom Canadian Growth Portfolio Renaissance International Equity Fund Axiom Diversified Monthly Income Portfolio Renaissance High Income Fund Axiom Foreign Growth Portfolio Renaissance Money Market Fund Axiom Global Growth Portfolio Renaissance Optimal Conservative Income Portfolio Axiom Long-Term Growth Portfolio Renaissance Optimal Global Equity Currency Neutral Portfolio Renaissance Investments family of Renaissance Optimal Global Equity funds Portfolio Renaissance Canadian All-Cap Equity Renaissance Optimal Growth & Income Fund Portfolio Renaissance Canadian Balanced Fund Renaissance Optimal Income Portfolio Renaissance Canadian Bond Fund Renaissance Optimal Inflation Opportunities Portfolio Renaissance Canadian Core Value Fund Renaissance Real Return Bond Fund Renaissance Canadian Dividend Fund Renaissance Short Term Income Fund Renaissance Canadian Growth Fund Renaissance U.S. Dollar Corporate Bond Renaissance Canadian Monthly Income Fund Fund Renaissance U.S. Dollar Diversified Renaissance Canadian Small Cap Fund Income Fund Renaissance Canadian T-Bill Fund Renaissance U.S. Equity Fund Renaissance China Plus Fund Renaissance U.S. Equity Growth Currency Neutral Fund Renaissance Corporate Bond Fund Renaissance U.S. Equity Growth Fund Renaissance Diversified Income Fund Renaissance U.S. Equity Income Fund Renaissance Emerging Markets Fund Renaissance U.S. Equity Value Fund Renaissance Flexible Yield Fund Renaissance U.S. Money Market Fund Renaissance Floating Rate Income Fund Renaissance Global Bond Fund Renaissance Private Pools Renaissance Global Focus Currency Renaissance Canadian Equity Private PoolNeutral Fund Renaissance Canadian Fixed Income Renaissance Global Focus Fund Private Pool Renaissance Global Growth Currency Renaissance U.S. Equity Private Pool , Neutral Fund Renaissance International Equity PrivateRenaissance Global Growth Fund Pool Renaissance Global Health Care Fund Renaissance Emerging Markets Equity Private Pool Renaissance Global Infrastructure Currency Neutral Fund Renaissance Global Bond Private Pool Renaissance Global Infrastructure Renaissance Ultra Short-Term Income Fund Private Pool Renaissance Global Markets Fund Renaissance Equity Income Private Pool Renaissance Global Real Estate Renaissance Multi-Sector Fixed Income Currency Neutral Fund Private Pool Renaissance Global Real Estate Fund Renaissance Multi-Asset Global Balanced Income Private Pool Renaissance Global Science and Technology Fund Renaissance Multi-Asset Global Balanced Private Pool Renaissance Global Small-Cap Fund Renaissance Global Equity Private Pool Renaissance Global Value Fund Renaissance Real Assets Private Pool Renaissance High Yield Bond Fund Renaissance International Dividend Fund

SOURCE CIBC