|By PR Newswire||
|November 26, 2012 09:04 PM EST||
TORONTO, Nov. 26, 2012 /CNW/ - CIBC Asset Management Inc. (CAMI) today announced that it intends to replace Aletheia Research and Management, Inc. (Aletheia) as sub-advisor for its Imperial U.S. Equity Pool, Frontiers U.S. Equity Pool, Renaissance U.S. Equity Growth Fund and Renaissance Global Focus Fund.
On November 11, 2012, Aletheia filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 process allows Aletheia to continue to operate while restructuring. Prior to the Chapter 11 filing, CAMI had been taking steps to replace Aletheia as sub-advisor, including identifying replacement sub-advisors and preparing for necessary approvals and regulatory filings.
CAMI will announce the new sub-advisors when all details are finalized. CAMI will continue to provide investment management oversight for these mandates and will manage the transition to ensure consistency for all unitholders. The assets of the mandates continue to be custodied with CIBC Mellon Trust Company, and are not impacted by Aletheia's Chapter 11 filing.
As the Chapter 11 filing impacts the timing for CAMI to replace Aletheia, CAMI is making a motion in the Chapter 11 proceedings to allow it to continue with its replacement plans.
CIBC Asset Management, the asset management division of CIBC, is responsible for the CIBC and Renaissance Investments families of mutual funds, Imperial Pools, Frontiers Pools and the CIBC family of managed portfolio solutions - Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services. CIBC Asset Management manages more than $55 billion in assets.
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