CIBC World launches hedge fund

Date: Thursday, March 14, 2002

CIBC World Markets Inc., a unit of Canadian Imperial Bank of Commerce, is getting into the hedge fund business in Canada with the launch of a fund that aims to make money in a bear market. CIBC has filed a preliminary prospectus for the Advantage Advisors Multi-Sector Trust, a fund focusing on three sectors: financial services, biotechnology and technology. CIBC's fund, which carries a minimum investment of US $2,500.00 will employ short-selling and derivatives and will be managed by a different advisor for each of the three industry sectors that are covered. KBW Asset Management Inc., a unit of Keefe Bruyette & Woods Inc., will manage the financial-services account. Kilkenny Capital Management will be responsible for the healthcare and biotechnology portfolio and Alkeon Capital Management will look after technology.