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.

The banking company said the subadvisers will maximize returns while reducing risk for investors. The announcement was made Feb. 16.

The amount each firm will subadvise has not been determined.

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