PR Newswire | Aug 3, 2021 08:02AM EDT

administration fee

08/03 07:00 CDT

CIBC Asset Management Inc. announces unitholder approval of a fixed rate administration fee TORONTO, Aug. 3, 2021

TORONTO, Aug. 3, 2021 /CNW/ - CIBC(TSX: CM) (NYSE: CM) - CIBC Asset Management Inc. ("CAM") today announced that unitholders have voted in favour of its proposal to introduce a fixed rate administration fee for the Renaissance Investment Funds, Axiom Portfolios and Renaissance Private Pools listed below (each a "fund" and collectively the "funds").

Effective September 1, 2021, CAM, as manager, will pay the operating expenses of each fund, other than certain expenses, in exchange for the payment by the fund of an annual fixed rate administration fee. This fee will apply to all classes of each fund, other than Class O and Class OH, if available, and will be equal to a specified percentage of the net asset value of each class of a fund.

For each fund, the approval of unitholders in the voting classes was required to implement the fixed rate administration fee proposal for that specific fund. Unitholders in other classes of each fund were not entitled to vote and received notice of the fixed rate administration fee proposal.

At the special meetings of the funds held on July 30, 2021, unitholders in the voting classes of the following funds have approved the fixed rate administration fee proposal.

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

About CIBCCIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small 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 $162 billion in assets under administration as of June 2021.

SOURCE CIBC