CIBC Global Asset Management hired American Century Investment Management as a subadviser to four of its mutual funds, effective in February, confirmed CIBC Global spokesman Kevin Dove.
American Century will subadvise the CIBC Disciplined U.S. Equity and CIBC Disciplined International Equity funds, and the global equity component of CIBC Global Monthly Income fund.
American Century will also subadvise 20% of the Imperial U.S. Equity Pool; half in an all-cap growth strategy and half in value, said American Century spokesman Chris Doyle in a phone interview.
Mr. Dove did not respond by press time with allocations, fund totals of whether any subadvisers were terminated or had their allocations reduced by the move.
In July, parent CIBC bought a 41% stake in American Century for $850 million that was held by J.P. Morgan Chase. American Century manages about $108 billion in assets.
The CIBC Global Monthly Income fund will now also include exposure to the Renaissance Global Infrastructure Fund subadvised by RARE Infrastructure and the Renaissance Global Real Estate Fund subadvised by Cohen & Steers Capital Management, according to a news release. Brandywine Global Investment Management will continue to serve as portfolio subadvisers for other components of the fund.
Aletheia Research and Management, Fiduciary Management, Metropolitan West Capital Management and Tradewinds Global Investors will continue to subadvise for the Imperial U.S. Equity Pool.