Toronto-based CIBC Asset Management Inc., the manager and trustee of the Renaissance Investments family of funds, announced plans on Monday to terminate Renaissance Asian Fund and Renaissance European Fund on Aug. 14.
Effective immediately, units of these two funds are no longer available for new investment, including additional purchases by existing unitholders and through regular investment plans.
The decision to terminate these funds was made due to the funds’ relatively small assets under management and limited number of investors, CIBCAM says.
Unitholders will have the right to redeem or switch their investments in the funds up to the close of business on the effective date of the termination and will not be required to pay any redemption fees, sales charges or other fees associated with the termination.