CIBC launches currency-hedged options

Toronto-based CIBC Asset Management Inc. now offers Canadian investors currency-hedged classes for Renaissance U.S. Equity Income Fund. This fund provides unitholders with exposure to dividend-paying U.S. equities, while mitigating the impact of currency fluctuations. Kansas City-based American Century Investment Services Inc. (ACIS) is the fund’s subadvisor; CIBC owns a 41% equity interest in ACIS. Advisor commissions are 0%-5% for front-end sales, 5% for deferred sales or 3% for the low-load option. Redemption fees begin at 5.5% in Year 1 and end at zero after Year 6 for the regular DSC schedule; or begin at 3% in Year 1 and end at zero after Year 3 of the low-load schedule. Trailing commissions are 1.25% for front-end sales; 0.5% for the first six years of deferred sales, and 1.25% thereafter; and 0.5% for the first three years of low-load sales, and 1.25% thereafter. Management fees are 2% for A-class units and 0.75% for F-class units. Minimum investment is $500.

(fcollie@investmentexecutive.com)