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CIBC Asset Management makes portfolio sub-advisor changes

CIBC Asset Management has made three portfolio sub-advisor changes to further strengthen its line-up of investment solutions.

American Century Investment Management joins as a sub-advisor for the foreign securities portion of CIBC Monthly Income Fund and Renaissance Canadian Monthly Income Fund effective on or about 12 June 2014.
Headquartered in Kansas City with offices in New York, Mountain View, California, London and Hong Kong, American Century managed approximately USD150 billion in assets as of 31 March 2014. In August 2011, CIBC acquired a 41 per cent minority ownership position in American Century.
"American Century is a premier manager that has proven its skill in global investing – identifying US and foreign companies that are demonstrating accelerated and sustainable earnings growth for investors," says Steve Geist, president, CIBC Asset Management. "We believe the addition of American Century's expertise will improve overall diversification and risk-adjusted return potential for our clients."
Amundi Canada has been appointed as portfolio sub-advisor for the Renaissance China Plus Fund and the Renaissance Asian Fund on or about 20 June 2014. Located in the main investment regions in almost 30 countries, Amundi offers a range of products covering all asset classes and major currencies.
Pzena Investment Management has been appointed as portfolio sub-advisor for the Renaissance Global Value Fund on or about 20 June 2014. Based in New York City, Pzena has a deep value investment philosophy which emphasises an understanding of business models and earnings power. Pzena's research team conducts in-depth proprietary analysis into companies in order to produce insights about the prospects of its investment universe. 

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