PAMI’s managed funds hit P20.3B

The Philam Asset Management Inc. (PAMI) broke the P20-billion barrier in terms of assets under management (AUM) with total funds under its management reaching P20.3 billion in May this year.

This milestone was first achieved last year by the BPI Asset Management Group, fund manager of the Ayala Life Fixed Income mutual fund.

"We had an exceptional fund performance this year, marked by a good mix of investment products and good returns in each," Alberto Emilio V. Ramos, PAMI executive vice president and chief operating officer said recently.

Of the five funds managed by PAMI, the Philam Dollar Bond Fund has attracted more investors, both retail (individual) and institutional with total placements reaching P11.4 billion.

The other funds which have been performing well are the Philam Bond Fund, P7.5 billion; GSIS Mutual (Kinabukasan) Fund Inc. or GMFI, P1.03 billion; the Philam Fund Inc. (PFI), P171.8 million, and the Philam Strategic Growth Fund, P24.4 million.

In terms of sales, PAMI recorded P4.9 billion in the first five months of the year, or a 45- percent share of the estimated P11-billion industry sales during the period.

PAMI also managed to develop exceptional outlets from foreign and local banking and other financial institutions as well as product development and improved packaging.

The GSIS Kinabukasan Fund so far has recorded a year-to-date growth of 6.2 percent or an annualized growth of 12.4 percent while its Philam Strategic Funds grew 10 percent or almost 20 percent annualized.

"We have been hitting all the benchmarks," Ramos said.

This year, PAMI will be introducing several new funds and investment products, which reportedly could account for an additional 25 percent in terms of assets.

"We are looking at roughly a 100-percent target growth in AUM this year, or roughly P36 billion," PAMI chief executive Rex Mendoza said earlier. Its full year target is P36 billion.

PAMI is a subsidiary of the Philippine American Life and General Insurance Corp. (Philamlife), one of the biggest financial institutions in the country, Philamlife is a subsidiary of the global financial giant, the American International Group (AIG).

PAMI is an asset management company, which overseas five mutual funds such as fixed income and bond funds, equity funds and mixture of both. Mutual funds are money from individuals or institutions, which are entrusted to the asset management company and invested in various financial instruments in the domestic and foreign markets.

The mutual fund industry, which has 30 funds managed by less than 10 asset management firms, is reportedly looking at a minimum P60-billion AUM this year. – Ted Torres