https://www.google.ca/url?sa=t&source=w ... haOAW-oJdQ
From the link it appears the descretionary services are performed by CIBC Trust. The PPS uses a mix of imperial pools and CIBC index funds.
12. The client is also provided with a simplified prospectus or fund facts document required by securities legislation for the Funds prior to investing in the Funds that may be used to comprise the Selected Model Portfolio.
13. The client will then enter into an agreement with the Filer or CIBC ISI, as applicable, (the Account Agreement). The Account Agreement must be approved by the Branch Manager of the applicable Dealer.
14. The Account Agreement includes express disclosure that CIBC Trust will be providing discretionary investment management services in connection with the rebalancing activities. The Account Agreement states that the client appoints the Filer as its agent to retain CIBC Trust to develop and rebalance the portfolios on the terms set out in the Account Agreement. The Account Agreement goes on to include provisions whereby CIBC Trust is appointed by the Filer to provide the rebalancing services for the model portfolios.
15. Under the Account Agreement, the client agrees to pay CIBC Trust the fees set forth in the Fee Schedule for the model portfolios using the Imperial Pools or the Fee Schedule for the CIBC Index Mutual Funds, as the case may be, which amount is used to pay for the services of the relevant Dealer, and CIBC Trust. Fees may be changed from time to time on 60 days' prior written notice to the client.
16. CIBC, as manager of the Funds, continues to be responsible for the fees of CAMI for its services as portfolio adviser to the Funds. Each of the Funds may pay CIBC, as manager of the Funds, an annual management fee of up to 0.25% of the net asset value of the specific Fund. Each of the Funds will also pay its own operating expenses.
17. No management fees will be charged by CIBC Trust or the Filer directly to the clients or to the Funds in relation to the series or class of units of the Funds that are available under the Product.
18. No sales charges or commissions will be payable by the client in respect of any rebalancing activities described below.