Sun Life Prosperity Funds hits P2.6-B sales in only 2 months

Sun Life Prosperity Funds (SLPF), the country’s biggest family of mutual funds, registered sales of over P2.6 billion as of February this year, already accounting for about 45 percent of its total collections for the whole of 2006.

"It is truly remarkable how we have managed to stay way ahead of our sales pace this year compared to last year considering some of the minor ripples that hit the market recently," said SLPF president and chief executive officer Henry Joseph Herrera.

"This is in light of the jitters felt by international bourses a few days ago due to the sharp fall in China’s Shanghai Exchange that triggered a global sell-off in equities. If you recall, as of September 2006, we made it to the number two spot in terms of annualized gross sales. And by all indications, we are optimistic that we will outperform our sales performance last year," Herrera added.

In terms of assets under management, Sun Life now manages P13.5 billion, up 19 percent from 2006’s P11.4 billion.

Herrera said the year-on-year net returns of the Prosperity Funds proved very promising with the equity fund posting the biggest growth with a net after tax return of 47 percent.

The Balanced Fund, consisting of both fixed income and equities, came in second with a yield of 35 percent.

The Prosperity Government Securities Fund generated a net after tax return of 12 percent while the Bond Fund delivered 11 percent.

"We have never experienced anything like this before and we are enthusiastic about the future of the Prosperity Funds. Filipinos are getting more and more attuned to the idea of investing. By taking on some risks as compared to traditional investment instruments, returns on mutual funds can be substantially higher," Herrera said.

"I believe Sun Life is very much on target in terms of its vision to take on a leadership stance in the market," Herrera further said.

The Sun Life Prosperity Funds is managed and distributed by Sun Life Asset Management Co. Inc., a member of the Sun Life Financial group of companies.