CIBC Asset Management hired AllianceBernstein Canada, Foyston, Gordon & Payne and Wellington Management Canada as subadvisers to five pooled investment strategies.
AllianceBernstein and Wellington are replacing PIMCO Canada on three fixed-income pools, said Caroline Van Hasselt, CIBC spokeswoman. She would not comment on the reason for the termination of the Pacific Investment Management Co. subsidiary.
AllianceBernstein Canada replaces PIMCO Canada to manage about C$150 million (US$119 million) of the C$430 million Frontiers Canadian Fixed Income Pool. It joins the pool’s existing subadvisers, Baker Gilmore & Associates and Canso Investment Counsel.
Wellington replaces PIMCO Canada to manage about C$450 million of the C$914 million Imperial International Bond Pool and C$45 million of the C$91 million Frontiers Global Bond Pool. Brandywine Global Investment Management also subadvises both pools.
Foyston Gordon is being added as a subadviser to the C$2.2 billion Imperial Canadian Equity Pool, running about $110 million, and the C$425 million Frontiers Canadian Equity Pool, managing about C$21 million. The firm will join current subadviser Connor Clark & Lunn Investment Management on the Imperial pool; and CC&L, Picton Mahoney Asset Management and Triasima Portfolio Management are the other subadvisers for the Frontiers pool.
All subadviser changes are effective April 1.