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CIBC Asset Management to offer Renaissance Corporate Bond Fund to investors


CIBC Asset Management intends to offer the Renaissance Corporate Bond Fund for sale as of 26 August 2013.

The fund benefits from the research-driven approach of the CIBC Global Asset Management fixed income team. The fund has a track record of strong returns by investing in a portfolio of corporate bonds that have passed rigorous, internal credit analysis.
Since 18 November, 2009, the fund has been the underlying reference fund for the Renaissance Corporate Bond Capital Yield Fund. Effective as of the close of business 23 August 2013, the fund will cease to allow new purchases and switches into the Renaissance Corporate Bond Capital Yield Fund. This is in response to the 11 July 2013 Department of Finance announcement on proposed transitional rules for the character conversion transactions announced in the 2013 Federal Budget.
The March 2013 Federal Budget proposed changes to eliminate "character conversion transactions" that use forward contracts to convert ordinary income to capital gains for tax purposes. The 11 July announcement proposed to extend the transition period in respect of forward agreements that were entered into before 21 March 2013 until the end of 2014. Given the proposed extension, CIBC Asset Management has determined it is in the best interest of existing unitholders to cap the Renaissance Corporate Bond Capital Yield Fund at this time.
CIBC Asset Management, the asset management division of CIBC, is responsible for the CIBC and Renaissance Investments families of mutual funds, Imperial Pools, Frontiers Pools and the CIBC family of managed portfolio solutions – Axiom Portfolios, CIBC Managed Portfolio Services and CIBC Personal Portfolio Services. CIBC Asset Management manages more than USD60bn in assets.

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