CIBC AM to make portfolio management changesBy The IJ Staff | February 19 2019 01:30PM
CIBC Asset Management announced on Feb. 19 changes to its global and Canadian bond pools.
Among these changes, CIBC AM says that it will assume core advisor responsibilities and will join Canso Investment Counsel Ltd. and Alliance Bernstein L.P. in managing the Renaissance Canadian Fixed Income Private Pool.
CIBC AM has also been added as a core portfolio advisor for the Imperial International Bond Pool and the Renaissance Global Bond Private Pool, joining Brandywine Global Investment Management LLC and Wellington Management Canada ULC.
Currency management approach
The company also announced that both the Imperial International Bond Pool and the Renaissance Global Bond Private Pool will approach currency management from a Canadian investor's perspective. The pools will generally hedge foreign currency exposure back to the Canadian dollar, says CIBC AM. “However, the pools may take non-Canadian dollar currency positions as conditions warrant based upon the currency outlook of the portfolio advisor or sub-advisor(s). This approach to currency management is intended to reduce the overall pool volatility for Canadian investors while participating in global fixed income markets,” says CIBC AM.
These changes will be effective on or about April 1, 2019.