CIBC Asset Management announces completion of fund mergers
Toronto, August 20, 2007 – CIBC Asset Management Inc. today announced the successful merger of 19 mutual funds.
The move to merge funds that share similar investment objectives was completed as part of a broader initiative creating a unified offering under the brand Renaissance Investments™, which was also launched today.
“Renaissance Investments combines the strengths of the Talvest and Renaissance mutual fund families, creating a unified offer that will benefit our clients,” said Steve Geist, President of CIBC Asset Management Inc. “The Renaissance Investments line-up of investment solutions was enhanced to provide investors the very best in choice, value and investment management expertise.”
| Terminating Fund: | Continuing Fund: | Post-merger Fund Name: | |||
|---|---|---|---|---|---|
| Talvest Cdn. Equity Growth Fund | Renaissance Canadian Growth Fund | Renaissance Canadian Growth Fund | |||
| Talvest Cdn. Equity Value Fund | Renaissance Canadian Core Value Fund | Renaissance Canadian Core Value Fund | |||
| Talvest European Fund | Renaissance Euro Fund | Renaissance European Fund | |||
| Talvest High Yield Bond Fund | Renaissance Canadian High Yield Bond Fund | Renaissance Canadian High Yield Bond Fund | |||
| Talvest Small Cap Cdn. Equity Fund | Renaissance Canadian Small Cap Fund | Renaissance Canadian Small-Cap Fund | |||
| Talvest U.S. Equity Fund | Renaissance U.S. Equity Value Fund | Renaissance U.S. Equity Value Fund | |||
| Talvest Renaissance Canadian Balanced Fund | Renaissance Canadian Balanced Fund | Renaissance Canadian Balanced Fund | |||
| Talvest Renaissance Canadian Balanced Value Fund | Renaissance Canadian Balanced Value Fund | Renaissance Canadian Balanced Value Fund | |||
| Talvest Renaissance Canadian Core Value Fund | Renaissance Canadian Core Value Fund | Renaissance Canadian Core Value Fund | |||
| Talvest Renaissance Canadian Real Return Bond Fund | Renaissance Canadian Real Return Bond Fund | Renaissance Canadian Real Return Bond Fund | |||
| Talvest Renaissance U.S. Equity Value Fund | Renaissance U.S. Equity Value Fund | Renaissance U.S. Equity Value Fund | |||
| Renaissance Canadian Bond Fund | Talvest Bond Fund | Renaissance Canadian Bond Fund | |||
| Renaissance Canadian Money Market Fund | Talvest Money Market Fund | Renaissance Money Market Fund | |||
| Renaissance Global Opportunities Fund | Talvest Global Markets Fund | Renaissance Global Markets Fund | |||
| Renaissance International Growth Fund | Talvest International Equity Fund | Renaissance International Equity Fund | |||
| Renaissance Tactical Allocation Fund | Talvest Global Asset Allocation Fund | Renaissance Global Asset Allocation Fund | |||
| Renaissance Talvest China Plus Fund | Talvest China Plus Fund | Renaissance China Plus Fund | |||
| Renaissance Talvest Global Health Care Fund | Talvest Global Health Care Fund | Renaissance Global Health Care Fund | |||
| Renaissance Talvest Millennium High Income Fund | Talvest Millennium High Income Fund | Renaissance Millennium High Income Fund | |||
In accordance with securities legislation, notice was sent to unitholders of the Terminating Funds no less than 60 days prior to the effective date of the mergers. Unitholders of the terminating funds have now become direct unitholders of the continuing fund.
CIBC Asset Management Inc. also confirmed the successful termination of the Talvest Cdn. Multi Management Fund on August 10th. The decision to terminate the fund resulted from the merger of several of its underlying funds. Unitholders of Talvest Cdn. Multi Management Fund were given direct ownership of units in the four underlying funds. On August 17th 200 ,three of the four funds were merged and renamed, as indicated:
| Former Fund Name | Continuing Fund | New Fund Name | ||
|---|---|---|---|---|
| Talvest Cdn. Equity Value Fund | Renaissance Canadian Core Value Fund | Renaissance Canadian Core Value Fund | ||
| Talvest Cdn. Equity Growth Fund | Renaissance Canadian Growth Fund | Renaissance Canadian Growth Fund | ||
| Talvest Small Cap Cdn. Equity Fund | Renaissance Canadian Small Cap Fund | Renaissance Canadian Small Cap Fund | ||
The fourth fund, Talvest Millennium Next Generation Fund, was also renamed the Renaissance Millennium Next Generation Fund.
The fund mergers were not subject to any unitholder or regulatory approvals due to the similar nature, fee structure and valuation procedures of each Terminating Fund and Continuing Fund. As required by securities legislation, the Independent Review Committee of the Talvest Funds and Renaissance Funds approved the fund mergers at a meeting held on April 27, 2007. The Board of Directors of CIBC Asset Management Inc. also approved the fund mergers at a meeting held on June 7, 2007.
For additional information, please visit www.renaissanceinvestments.ca.
Renaissance Investments offers a line-up of high quality investment solutions which offer investors the very best in choice, value and investment management expertise. Renaissance Investments products include the Renaissance Investments family of funds, Axiom Portfolios, Frontiers Pools and Sequence Portfolios. Renaissance Investments is offered by CIBC Asset Management Inc., which manages more than $50 billion dollars for over 1.5 million investors. For additional information, visit our website at www.renaissanceinvestments.ca.
CIBC is a leading North American financial institution with more than 11 million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.
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Media contact: Rob McLeod, Senior Director, CIBC Communications and Public Affairs, at 416-980-3714. Product inquiries: CIBC Asset Management Client Services 1-888-888-3863.