CIBC Asset Management hired Pzena Investment Management and INTECH as subadvisers on several of CIBC's international equity mutual funds.
Pzena will be a subadviser on the Imperial International Equity Pool. Pyramis Global Advisors, American Century Investment Management and Causeway Capital Management already subadvise the C$3.4 billion (US$3.1 billion) fund.
Pzena and INTECH will subadvise the C$148 million Imperial Overseas Equity Pool, joining existing subadvisers American Century, Causeway and Pyramis.
Among other changes on CIBC funds, Causeway, American Century, INTECH and Pzena will subadvise the C$137 million Frontiers International Equity Pool, joining Walter Scott & Partners.
Also, American Century will subadvise the C$50 million CIBC International Small Companies Fund.
Pictet Asset Management was replaced on all four of the funds, and del Rey Global Investors was dropped from the Frontiers pool, said Caroline Van Hasselt, CIBC spokeswoman. She did not provide a reason for the terminations.
The changes take effect April 15. The mutual funds are only available to Canadian investors, Ms. Van Hasselt said.
CIBC Asset Management has about C$90 billion in AUM.