CIBC Asset Management Inc. is reducing the trailing commissions and management fees of eight funds.
Trailing commissions will decrease to 0.50% from 0.75% while management fees will be reduced by 25 basis points for each. The changes will come into effect Dec. 1, the company announced in a Friday release.
The funds subject to the reductions are the:
- Renaissance Real Return Bond Fund;
- Renaissance Corporate Bond Fund;
- Renaissance U.S. Dollar Corporate Bond Fund;
- Renaissance High-Yield Bond Fund;
- Renaissance Flexible Yield Fund;
- Renaissance Floating Rate Income Fund;
- Renaissance Floating Rate Income Fund; and
- CIBC Global Bond Fund.
The management fee reductions follow several that have taken place in recent years, reflecting the bank’s “ongoing commitment to ensuring competitive pricing and overall value to our investors,” the release said.
CIBC Asset Management also announced portfolio advisory changes to certain equity funds, helping to modernize and simplify portfolio structures.
Portfolio management responsibilities for the Renaissance International Equity Private Pool, Renaissance Global Equity Private Pool, Imperial International Equity Pool and Imperial Overseas Equity Pool will be changed, effective on or about Oct. 1.