Merger of CIBC funds now complete

Toronto-based CIBC Asset Management Inc., manager of the Renaissance Investments family of mutual funds, has completed the merger of Renaissance Corporate Bond Fund with Renaissance Corporate Bond Capital Yield 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 required eliminating the tax benefits associated with certain forward agreements by Dec. 31, 2014, the investment objective of the continuing fund has been changed 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.

(cohara@investmentexecutive.com).