CIBC Asset Management Inc. (CIBC AM) said Monday that it has completed the merger of Renaissance Corporate Bond Fund (the terminating fund) into Renaissance Corporate Bond Capital Yield Fund (the continuing fund).

Unitholders of the terminating fund have received units in the same class of the continuing fund.

In response to changes to the Income Tax Act announced in the 2013 federal budget, which will eliminate the tax benefits associated with certain forward agreements by December 31, 2014, the investment objective of the continuing fund has been changed to: “To obtain a high level of current income by investing primarily in bonds, debentures, notes and other debt instruments of Canadian issuers.”

The continuing fund has been renamed Renaissance Corporate Bond Fund and is now open to new purchases and switches.