AIA Philam converts PAMI into trust company » Manila Bulletin Business

Manila Bulletin Philippines

Breaking News from the Nation's leading newspaper

Tempo

Online Newspaper

Showbiz and Celebrity News

Sports News

World News
News Asia

AIA Philam converts PAMI into trust company

Published

By Chino S. Leyco

AIA Philam Life said said it will convert its asset management subsidiary into a trust corporation to manage the insurance group’s entire investment portfolio.

In a statement, the local unit of Hong Kong-based AIA Group said that Philam Asset Management, Inc. (PAMI) is set to transition into a trust corporation (TC) that will become the group’s main vehicle to manage its investment portfolio.
During the transition, Kelvin Ang, AIA Philam Life chief executive, said that all contracts, agreements and existing mutual funds from PAMI will be transferred to BPI Investment Management, Inc. (BIMI).

Ang said BIMI, the largest mutual fund manager in the country in terms of assets under management (AUM), will take charge of managing the funds as well as provide other servicing requirements such as subscriptions and redemptions.

The servicing requirements can be made through BIMI channels — online, BPI branches, or at the BPI head office.

Ang explained that PAMI transition into a trust company is needed to allow AIA Philam Life to leverage on its parent firm’s “global investment expertise and best practices and funds platforms under the AIA investment framework and business model.”

“With renewed focus on our insurance business, we will be able to concentrate on our twin priorities of protection and wellness, bringing to life our brand promise of helping Filipinos live Healthier, Longer and Better Lives,” Ang said.
He added that the move is also aligned with AIA Philam Life’s thrust to put “its customers at the heart of the business.”

“By establishing a TC managing our general and VUL [variable universal life] funds, we will be able to give more focus on investment requirements that support our core insurance business,” Ang said.

“As such we will be able to draw on the advantages of economies of scale, innovative investment strategies and multi market fund access, and pass it on to our customers,” he added.

Related Posts