MANILA – The Financial institution of the Philippine Islands (BPI) mentioned Friday it hit P1 trillion in belongings below administration (AUM) as extra Filipinos spend money on belief funds and different funding devices to protect wealth amid the pandemic.
The milestone was reached in mid-November, posting a 14-percent development from a yr in the past.
“We had been in a position to develop our AUM within the belief and funding administration companies each organically and thru new accounts and fund administration acquisitions,” BPI Chief Finance Officer Maria Theresa Marcial mentioned.
Overseas funding funds are well-liked as traders are inclined to “diversify their portfolios” to handle threat throughout the pandemic disaster, mentioned Sheila Marie Tan, president of BPI Asset Administration and Belief Corp.
“Our funds permit them to enter into high-quality international investments at affordable and achievable quantities,” Tan added.
AUM is the entire worth of the securities a financial institution or monetary establishment manages on behalf of its purchasers.
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