Shares of Canadian Imperial Bank of Commerce (USA) (NYSE:CM) ended Wednesday session in red amid volatile trading. The shares closed down -0.28 points or -0.35% at $80.47 with 500,177.00 shares getting traded. Post opening the session at $80.81, the shares hit an intraday low of $80.07 and an intraday high of $81.10 and the price vacillated in this range throughout the day. The company has a market cap of $31.98 billion and the numbers of outstanding shares have been calculated to be 394.91 million shares.
On Sept. 1, 2016 CIBC Asset Management Inc. announced the addition of Standard Life Investments (Corporate Funds) Limited (Standard Life) as a portfolio sub-advisor for Imperial Global Equity Income Pool. This change will take effect on or about September 15, 2016.
“We constantly monitor our product line-up to ensure we continue to deliver enhanced performance and risk-adjusted returns to our clients,” said David Scandiffio, President and CEO, CIBC Asset Management. “The increased size of Imperial Global Equity Income Pool, based largely on the success of CIBC Personal Portfolio Services, provides an opportunity to optimize its overall structure. This addition is expected to benefit our clients and strengthen our investment offering.”
Standard Life joins existing sub-advisors, KBI Global Investors Ltd. (formerly Kleinwort Benson Investors Dublin Ltd.) and Newton Investment Management (North America) Limited on Imperial Global Equity Income Pool. The addition of Standard Life provides an investment management style that is complementary to the existing sub-advisors.
Standard Life is a leading asset manager with an expanding global reach. The company calls its distinctive investment philosophy ‘Focus on Change’. The investment approach is based on an analysis of the key factors driving the market price of an investment and the identification of drivers that the wider market may have missed. The company aims to capture anomalies and inefficiencies between consensus and non-consensus analysis of companies. Standard Life manages over $466 billion in assets as of June 30, 2016.
Shares of American Homes 4 Rent (NYSE:AMH) ended Wednesday session in green amid volatile trading. The shares closed up +0.10 points or 0.44% at $22.77 with 934,127.00 shares getting traded. Post opening the session at $22.73, the shares hit an intraday low of $22.55 and an intraday high of $22.77 and the price vacillated in this range throughout the day. The company has a market cap of $5.52 billion and the numbers of outstanding shares have been calculated to be 237.74 million shares.
American Homes 4 Rent (AMH) on Aug. 17, 2016 announced that on August 17, 2016, the Company entered into a $1 billion credit agreement with a syndicate of banks led by Wells Fargo Bank, National Association, as Administrative Agent, Wells Fargo Securities LLC and JPMorgan Chase Bank, N.A., as bookrunners and Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Bank of America Merrill Lynch, and Raymond James Bank, N.A., as lead arrangers.
“We are proud to announce the closing of this new credit agreement, which marks a milestone achievement in the evolution of the Company’s capital structure and provides us with significantly enhanced financial and operational flexibility,” stated David Singelyn, American Homes 4 Rent’s Chief Executive Officer. “In addition to providing us with a more flexible corporate borrowing structure, this new credit agreement further increases our available liquidity at highly attractive rates. We appreciate the strong support from our bank group and believe the new credit facilities reflect their confidence in our future.”