CIBC Asset Management Inc. (CAMI) intends to replace Aletheia Research and Management, Inc. as sub-advisor for its Imperial U.S. Equity Pool, Frontiers U.S. Equity Pool, Renaissance U.S. Equity Growth Fund and Renaissance Global Focus Fund.
On November 11, 2012, Aletheia filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 process allows Aletheia to continue to operate while restructuring. Prior to the filing, CAMI had been taking steps to replace Aletheia as sub-advisor, including identifying replacement sub-advisors and preparing for necessary approvals and regulatory filings.
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CAMI will announce the new sub-advisors when details are finalized, and will continue to provide investment management oversight for these mandates. It will manage the transition to ensure consistency for all unitholders. The assets of the mandates continue to be custodied with CIBC Mellon Trust Company, and are not impacted by Aletheia’s Chapter 11 filing.