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Jan 22, 2019

CIBC becomes last of big five banks to join ETF parade

The tug-of-war between active and passive investing

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Canadian Imperial Bank of Commerce (CM.TO) has started offering its own exchange-traded funds, becoming the last of the country’s big five banks to enter a marketplace that’s now outselling mutual funds.

The firm’s CIBC Asset Management is offering two strategic beta equity ETFs -- one with a currency hedged option -- and two actively managed fixed income ETFs, with management fees ranging from 0.25 per cent to 0.35 per cent, the Toronto-based lender said Tuesday in a statement. The ETFs begin trading today on the Toronto Stock Exchange.

“We developed these ETFs with our clients’ evolving needs in mind, including solutions for a low-yield, rising rate environment," said David Scandiffio, head of CIBC Asset Management.

CIBC’s entry comes after Bank of Nova Scotia started offering their own ETFs last year and Montreal-based National Bank of Canada filed with regulators last November for its own suite of funds. Royal Bank of Canada vaulted to No. 1 spot in the domestic industry after partnering this month with BlackRock Inc., the world’s largest ETF provider, to create a $60 billion brand.

Canadian ETFs had $20 billion of inflows in 2018, lifting assets in the industry to $156.6 billion and outselling mutual funds for the first time since 2009, according to a Jan. 4 report from National Bank Financial. Mutual funds still take the lion’s share of investments, with assets totaling $1.4 trillion in 2018, according to the firm.

 

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