FAMI mutual funds reach P5B in 2011

MANILA, Philippines - The mutual funds managed by the First Metro Asset Management Inc. (FAMI) had, for the first time, amassed more than P5 billion in assets under management (AUMs) as of end-2011.

FAMI is the fund manager of five mutual funds and a member of the Metrobank Group, which includes Metropolitan Bank & Trust Co. (Metrobank), First Metro Investment Corp. (FMIC), Philippine Savings Bank (PSBank) and Federal Land Inc.

From P3.5 billion in May 2011, its AUMs hit P5.13 billion at the end of the year and cemented its place among the country’s top five fund managers for mutual funds.

“As a result of FAMI’s effectiveness in managing the volatilities in the Philippine capital markets and its consistent long-term performance, the company’s aggregate assets under management broke through a major milestone late in the year as FAMI registered a total of P5.13 billion in assets at the end of 2011. The milestone makes FAMI one of the fastest growing asset management firms in the Philippine mutual fund industry exceeding the P5-billion ceiling on its sixth-year of operations,” Hector C. de Leon, FAMI executive vice president and chief operating officer, said.

The five mutual funds under First Metro Save and Learn funds are First Metro Save and Learn Fixed Income Fund (SALFIF), First Metro Save and Learn Equity Fund (SALEF), First Metro Save and Learn Balanced Fund (SALBF), First Metro Global Opportunity Fund (SALGOF), and the First Metro Save and Learn Money Market Fund (SALMMF).

The SALEF is the largest fund with P3-billion total assets, which registered an 8.18-percent yield. The SALFIF reported the biggest yield of 12.34 percent with assets worth a little over P1 billion.

The SALBF registered a positive yield of 17.31 percent with assets worth P793 million, followed by the SALMMF with P50.8 million. The SALGOF was only recently launched with seed assets worth P50 million.

Meanwhile, De Leon said the past year saw economic problems arising one after another from various European countries and the US.

“The past year will be remembered as a year of bankruptcies, near-bankruptcies and economic bailouts,” he added.

He further explained that while the Philippine economy remains to be generally healthy, the local markets were not spared from the roller coaster rides in Europe and the US. 

“Our stock market index barely budged from the 2010 level, closing the year at 4,371.96, up by only 4.07 percent for the whole year,” the chief operating officer said.

FAMI is a joint venture between the Catholic Educational Association of the Philippines (CEAP), the Marist Brothers, and FMIC. The two minority owners are both Catholic school operators whose main advocacy in partnering with FMIC is to provide educational institutions and their teachers (and other employees) with sound investment vehicles in the form of the Save and Learn Mutual Funds.