Traders on CIBC trading floor.CHARLA JONES/The Globe and Mail
Canadian Imperial Bank of Commerce has hired a portfolio manager to lead four of its resource-oriented funds.
Scott Vali will join the bank's asset management arm to assume responsibility for the Precious Metals Fund; the Canadian Resources Fund; the Energy Fund; and the Renaissance Global Resource Fund. The funds were historically offered by the bank but sub-advised by outside firms.
Prior to joining CIBC, Mr. Vali spent more than a decade at CI Investments Inc., where he was lead manager for three resource funds, including the Global Energy Fund and the Signature Gold Fund.
Mr. Vali heads to CIBC in a mixed market for resources. While energy has been hot in the past year, precious metals companies are still suffering. CIBC's Precious Metal Fund has earned a compound annual return of just 1.5 per cent since its inception in 1996.
Tim Kiladze