Philippe Sarfati comes to the company from Concentra Bank
The funds will close to new investors on Sept. 15
Businesses filed 160 insolvencies in July -- a 28.3% decline compared to June
Finance, insurance, real estate and leasing businesses were least likely to have taken on debt
Canada's job vacancy rate reached 5% with unfilled positions in hospitality and retail
Taking population growth into account, CIBC says Canada's employment gap is around 650,000
More Canadians expect to outlive their savings