TORONTO, March 10, 2014 /CNW/ - CIBC Asset Management Inc. (CAM) today announced portfolio sub-advisor changes to further strengthen its lineup of international equity funds. Changes will take effect on or about April 15, 2014.
"Exposure to global markets offers investors important diversification benefits. To uncover the best opportunities, you need access to superior portfolio managers," said Steve Geist, President, CIBC Asset Management. "To harness the growth potential of international equities, we need to ensure our mandates are managed by proven investment specialists with long-term performance records that illustrate their expertise. This, combined with effective risk management and optimized portfolios, will best serve our clients and their investment needs."
Imperial International Equity Pool
Pzena Investment Management, LLC (Pzena) has been appointed as a portfolio sub-advisor for the Imperial International Equity Pool. Pzena joins existing sub-advisors American Century Investment Management, Inc. (American Century), Causeway Capital Management LLC (Causeway), CAM, and Pyramis Global Advisors (Pyramis), who will continue to provide portfolio management services to the pool.
Imperial Overseas Equity Pool
Pzena and INTECH Investment Management LLC (INTECH) have been appointed as portfolio sub-advisors for the Imperial Overseas Equity Pool. These firms join existing sub-advisors American Century, Causeway and Pyramis, who will continue to provide portfolio management services to the pool.
Frontiers International Equity Pool
Causeway, American Century, INTECH and Pzena have been appointed as portfolio sub-advisors for the Frontiers International Equity Pool. These firms join existing sub-advisor Walter Scott & Partners Limited, who will continue to provide portfolio management services to the pool.
CIBC International Small Companies Fund
American Century has been appointed as portfolio sub-advisor for the CIBC International Small Companies Fund. American Century is a premier investment management firm with an extensive and proven track record managing international small-cap equities.
About the Newly Appointed Portfolio Sub-Advisory Firms
American Century Investment Management: As a leading U.S. investment management firm, American Century is committed to delivering superior and consistent risk-adjusted performance through active management. Headquartered in Kansas City with offices in New York; Mountain View, California; London and Hong Kong, the firm manages over $139 billion in assets as of December 31, 2013. In August 2011, CIBC acquired a minority ownership position in American Century.
Causeway Capital Management: Causeway is an independent investment management firm founded in June 2001. It takes a bottom-up approach to selecting mid- and large-cap global stocks, seeking to identify under-priced securities that are held until the market recognizes their fair value. The firm's portfolio managers and research analysts work together to determine expected returns for undervalued securities. This analysis is then refined using tools developed by their quantitative specialists to manage portfolio risk. As of December 31, 2013, the firm managed approximately $28 billion in assets.
INTECH Investment Management: Founded in 1987, INTECH offers equity investors highly disciplined, mathematical relative-return strategies that attempt to achieve long-term returns in excess of the target benchmark, while reducing the risk of significant underperformance relative to the benchmark. Its strategies are based on a rigorous mathematical theory that is the result of research conducted by founder Dr. E. Robert Fernholz. As of December 31, 2013, INTECH had approximately $47.6 billion under management.
Pzena Investment Management: Headquartered in New York City, Pzena has a deep value investment philosophy which emphasizes an understanding of business models and earnings power. Pzena's strong research team conducts in-depth proprietary analysis into companies in order to produce better insights about the prospects of its investment universe. As of December 31, 2013, the firm managed $25 billion in assets for leading corporate, public, and individual clients.
CIBC Asset Management (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to individual and institutional investors. CAM's 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. CAM is one of Canada's largest asset management firms, with over $90 billion in assets under management as of Dec. 31, 2013.
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