Sun Life banks on new products for growth

MANILA, Philippines - Sun Life Asset Management Co. Inc. (SLAMCI) is targeting an expansion in its assets under management (AUMs) by 20 to 30 percent to P40 billion next year, driven by more distribution channels and new products.

SLAMCI president and chief executive officer Valerie Pama said the fund manager is looking at a 20 to 30 percent growth next year. SLAMCI is the fund manager of Sun Life Financial-Philippines.

“That will be achieved through additional agents, looking for new distribution partners including banks and non-bank channels,” Pama said in a press briefing yesterday.

Already in the pipeline is a peso-denominated balanced fund seeking approval from the Securities and Exchange Commission (SEC).

It also expanded its partnerships with 10 bank institutions including Citi NA and the Rizal Commercial Banking Corp. (RCBC), and is eyeing new relationships with non-bank financial institutions.

SLAMCI will also be expanding its retail market base as it has already lowered its initial minimum placement to P5,000 from the original P10,000, and additional placements as low as P1,000.

“We want to expand to a wider base and the regions,” Pama added.

Recently, the fund manager launched SLAMCI MF Online, an Internet-based dealing facility, which allows clients and investors to perform mutual fund transaction such as adding, transferring and redeeming shares.

As of end-November this year, SLAMCI’s total AUMs rose to a record P32 billion.

SLAMCI manages seven mutual funds under the Sun Life Prosperity (SLP) family of funds, including fixed or bond fund, equity fund, balanced fund, government securities (GS) fund, money market fund, and dollar-denominated funds (Advantage and Abundance).

The SLP Balanced Fund is worth P16.8 billion as of end-November from P11.9 billion at the end of 2012.

The SLP Philippine Equity Fund has investments worth P15.4 billion, up from P8.2 billion last year.

The SLP Bond Fund assets grew to P6.6 billion; SLP GS Fund, P629.5 million; SLP Dollar Advantage Fund stood at $45.8 million; SLP Money Market Fund valued at P262 million; and SLP Dollar Abundance Fund, $19.4 million.