CIBC Asset Management teams with DoubleLine's Jeffrey Gundlach to launch new global bond fund

Renaissance Flexible Yield Fund offers Canadians exposure to a broad fixed income universe

TORONTO, April 25, 2016 /CNW/ - CIBC (TSX: CM) (NYSE: CM) -- CIBC Asset Management Inc. today launched Renaissance Flexible Yield Fund, introducing to Canadian investors a mandate from acclaimed U.S. bond portfolio manager, Jeffrey Gundlach of DoubleLine®.

Renaissance Flexible Yield Fund is a global fixed income solution that leverages tactical allocation and active duration management with the goal of providing investors with attractive potential total return, while aiming to lower volatility. The fund has flexibility to move across multiple fixed income sectors and the portfolio manager may tactically adjust sector weights to capture opportunistic gains from market fluctuations.

"We are delighted to bring this unique fixed-income mandate to Canadian investors on an exclusive basis," says David Scandiffio, President, CIBC Asset Management. "DoubleLine brings a strong reputation of in-depth risk analysis to better position and protect capital for investors."

Mr. Gundlach, the chief executive officer of DoubleLine, an independent, employee-owned money management firm based in Los Angeles, is one of the world's foremost bond fund managers and has been named one of Bloomberg Markets magazine's "50 Most Influential" in 2015 and 2012, one of Forbes' "Most Powerful People" in 2014, and "Money Manager of the Year" in 2013 by Institutional Investor.

DoubleLine offers a wide array of investment strategies run by experienced portfolio managers, employing active risk management, in-depth research, and innovative product solutions.

Visit renaissanceinvestments.ca to learn more about Renaissance Flexible Yield Fund.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units – Retail and Business Banking, Wealth Management and Capital Markets – CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC on our corporate website at www.cibc.com/ca/media-centre/.

About CIBC Asset Management

CIBC Asset Management, Inc. the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. Offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and portfolio management for institutional clients. CIBC Asset Management is one of Canada's largest investment management firms, with over $110 billion in assets under management as of March 31, 2016.

DoubleLine® is a registered trademark of DoubleLine Capital LP.

SOURCE Canadian Imperial Bank of Commerce

Caroline Van Hasselt, Director, External Communications and Media Relations, at 416-784-6699 or [email protected].