The asset management house is reducing fees and investment minimums, highlighting the competitive pressures at work in this space.

Canada-headquartered CIBC Asset Management, or CAM, is bringing out a suite of new, lower-cost passive portfolios, cutting management fees and reducing the minimum amounts it requires from people putting money into funds.

From July 31, CIBC Passive Portfolios are launched, available to regular and fee-based investment accounts and self-directed investors with accounts at CIBC Investors’ Edge, a division of CIBC Investor Services.

Cuts to management fees of up to 40 basis points are being made across 18 funds and private pool line-up, taking effect from September 1, 2017. CAM said it will also waive a portion of its management fee or absorb certain expenses, or both, on an additional 48 funds (ranging from 5 to 40 bps) beginning September 1.

Minimum initial investments on certain programs and portfolios are also being cut. The Renaissance Private Investment Program will have a new minimum requirement of C$100,000 ($79,765), lowered from C$150,000. Families with at least C$250,000, previously C$500,000, in one or more Renaissance Private Pools will be exempted from the minimum requirement of C$100,000 per pool.

The minimum initial investment for Axiom Portfolios will be reduced from C$25,000 to C$500. There are eight Axiom Portfolios, and each managed solution provides diversification by asset class, geographical region, investment style and market capitalization.

The business is also scrapping several mutual fund classes with relatively small asset size and a limited number of unitholders.

The asset management firm is a subsidiary of CIBC, the Toronto-headquartered financial group.