TORONTO, Dec. 8, 2014 /CNW/ – CIBC Asset Management Inc. (CAM), the
manager of the Renaissance Investments family of mutual funds, today
announced that it has completed the merger of the Renaissance Corporate
Bond Fund (the “Terminating Fund”) with the Renaissance Corporate Bond
Capital Yield Fund (the “Continuing Fund”). Unitholders of the
Terminating Fund have received units in the same class of the
Continuing Fund.

In response to changes to the Income Tax Act announced in the 2013
federal budget, which will eliminate the tax benefits associated with
certain forward agreements by December 31, 2014, the investment
objective of the Continuing Fund has been changed to: “To obtain a high
level of current income by investing primarily in bonds, debentures,
notes and other debt instruments of Canadian issuers.”

The Continuing Fund has been renamed Renaissance Corporate Bond Fund and
is now open to new purchases and switches.

About CIBC Asset Management
CIBC Asset Management (CAM), the asset management subsidiary of CIBC,
provides a range of high-quality investment management services and
solutions to retail 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 institutional portfolio management. CAM
is one of Canada’s largest asset management firms, with over $100
billion in assets under management as of September 30, 2014.

SOURCE Canadian Imperial Bank of Commerce