CIBC Asset Management has added Standard Life Investments as a portfolio subadviser for its C$3.2 billion ($2.5 billion) Imperial Global Equity Income Pool, said CIBC spokeswoman Caroline Van Hasselt.
This change will take effect on or about Sept. 15.
“The increased size of Imperial Global Equity Income Pool provides an opportunity to optimize its overall structure. This addition is expected to benefit our clients and strengthen our investment offering,” said David Scandiffio, president and CEO of CIBC Asset Management, in a news release. The pool has grown from C$72.9 million five years ago.
Standard Life joins existing subadvisers KBI Global Investors and Newton Investment Management on Imperial Global Equity Income Pool.
Prior to this hire, KBI subadvised about 70% of the fund, while Newton about 30%, according to documents from CIBC. Ms. Van Hasselt did not know by press time how much Standard Life will be subadvising.
CIBC Asset Management had more than $114 billion in assets under management as of June 30. Standard Life managed more than $466 billion in assets as of June 30.