CIBC Asset Management Announces Sub-Advisor Changes, Adding American Century Investments' Expertise

TORONTO, May 31, 2012 /CNW/ - CIBC Asset Management Inc. today announced portfolio sub-advisor changes, furthering its commitment to bringing the highest-quality investment management, products and services to Canadian investors. As part of the changes, American Century Investment Management, Inc. (American Century) will be added as a sub-advisor to certain Imperial Pools and Funds offered by CIBC Asset Management.

"American Century's proven investment expertise and processes, combined with a track record of strong performance, will enhance the quality of our offering to clients," said Steve Geist, President of CIBC Asset Management. "The experienced investment teams at American Century will add diversification of market capitalization and investment style to these investment pools and funds."

American Century is a leading U.S. investment management firm committed to delivering superior and consistent risk-adjusted performance through active management. Headquartered in Kansas City with offices in New York, California, London and Hong Kong, the firm manages approximately $121 billion in assets (as of April 30, 2012). In August 2011, CIBC acquired a minority ownership position in American Century.

For the five years ending April 30, 2012, American Century had 87 percent of its rated fund assets under management ranked in the first or second quartile, according to Lipper. The company's funds also ranked fourth best among its Morningstar peers with 65 percent of assets held in funds with four- or five-star ratings as of the end of April 30, 2012, well ahead of the Morningstar Universe average.

Sub-advisor changes to the Imperial U.S. Equity Pool - Effective July 1, 2012

American Century will continue to serve as a portfolio sub-advisor for components of the Imperial U.S. Equity Pool, with an increased allocation to both the U.S. all-cap growth and U.S. all-cap value components of the Pool. CIBC Global Asset Management Inc., Metropolitan West Capital Management, LLC, Aletheia Research and Management, Inc. and Fiduciary Management Inc. will continue to serve as portfolio sub-advisors for other components of the Pool.

Sub-advisor changes to the Imperial Overseas Equity Pool - Effective July 1, 2012

American Century has been appointed as an additional portfolio sub-advisor for the Imperial Overseas Equity Pool, managing the international all-cap growth component of the Pool. Causeway Capital Management LLC, Pictet Asset Management Limited and Pyramis Global Advisors, LLC will continue to serve as portfolio sub-advisors for other components of the Pool.

Sub-advisor changes to the Imperial International Equity Pool - Effective July 1, 2012

American Century has been appointed as an additional portfolio sub-advisor for the Imperial International Equity Pool, managing the international all-cap growth component of the Pool. Causeway Capital Management LLC, CIBC Global Asset Management Inc., Pictet Asset Management Limited and Pyramis Global Advisors, LLC will continue to serve as portfolio sub-advisors for other components of the Pool.

Sub-advisor changes to the Renaissance Canadian Balanced Fund and CIBC Balanced Fund - Effective July 1, 2012

American Century has been appointed as a portfolio sub-advisor for the Renaissance Canadian Balanced Fund and CIBC Balanced Fund, managing the global component of the Funds. CIBC Global Asset Management Inc. will continue to serve as portfolio sub-advisor for the domestic portion of the Funds.

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 $50 billion in assets.

Portions of the mutual fund performance information contained herein were supplied by Lipper, a Reuters Company, subject to the following: Copyright 2011 scription: copyright Reuters. All rights reserved. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision.

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Media contact: Kevin Dove, Senior Director, External Communications and Media Relations, at 416-980-8835 or e-mail: [email protected]. Product inquiries: Renaissance Investments Client Services at 1-888-888-FUND (3863).