Global investment firm explores business opportunities in RP

A top official of one of the world’s leading investment firms is here to explored business opportunities with President Arroyo and help solve the economic crisis in the country.

American Timothy B. Harbert, president of the State Street Global Advisors (SSgA) which is the investment management division of the State Street Corp. (SSC), the world’s leading specialist in servicing sophisticated global investors, arrived in the country yesterday to introduce to President Arroyo the innovative investment solutions in the Philippines.

SSgA ranks as the third largest invesment manager in the United States and the sixth in the world, managing assets of over $758 billion as of June 30, 2001. It employs over 340 investment professionals serving 7,000 clients worldwide. SSgA boasts of over 200 years of successfully managing assets and estate matters for individuals.

Harbert decided to invest in the country after businessman Jose Marcel Palilio encouraged him to invest in the country to help upgrade its economic conditions.

Before putting up investment projects, the SSgA, jointly with the Asian Development Bank (ADB), will conduct tomorrow a one day seminar called "Indexing Takes Off in Asia which is of extreme importance to investors and fund managers.

To be held at Room 4454S of the ADB Building in Makati City, the seminar will tackle the twin topics of "Benefits of Indexation in the Capital Market" and "Exchange Traded Funds: Structure and Benefits."

Speaking at the seminar will be two top officers from SSgA Asia Limited: Vincent Duhamel, principal and chief executive, and Justin Pascoe, director of investments.

The seminar marks SSgA’s second activity in the Philippines for 2001. The first was in August, when Harbert made his first visit to the country. During his first visit, he discussed with President Arroyo his plan of putting up investments in the country.

Palilio said SSgA will be of great help to the country’s economic conditions saying the SSgA’s record speaks for itself. He said respected business magazines had voted SSgA as best in overall client service and the most innovative investment manager. It also boasts of being the largest manager of endowment/ foundation assets, international assets, US tax exempt assets and indexed/ equity assets.