TORONTO — The wealth management unit of Canadian Imperial Bank of Commerce said it would farm out roughly $651 million of investor assets to four unaffiliated money managers.

CIBC’s wealth management group, which oversees $26.2 billion of assets, hired Alliance Capital Management of New York, Allianz AG’s Nicholas-Applegate Capital Management of San Diego, Toronto Howson Tattersall Investment Counsel Ltd., and Pictet & Co.’s Pictet International Management Ltd. of London to subadvise its Personal Portfolio Services accounts.

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