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MUTUAL-fund companies had a banner year in 2007, and the
industry was able to manage far more assets than was
possible in the past
For
example, the Philam Asset Management Inc., or Pami, had
assets under management (AUM) that totaled P21.9
billion, or 12.4 percent higher than P19.5 billion a
year earlier. The numbers made Pami the second- biggest
mutual fund during the comparable period.
Philippine American Life and General Insurance Co.
president and chief executive officer Jose L. Cuisia Jr.
said Pami’s AUM was the highest since its inception in
1993.
The
performance allowed Pami to maintain its second position
in a field of 13 players.
Cuisia
also noted a 17-percent increase in gross income from
P422.8 billion in 2006 to P495.1 billion in 2007 that
gave Pami a net- income before tax of P224.1 million.
From a
net redemption of P3.47 billion in 2006, Pami posted net
sales of P1.74 billion last year.
Industry
leader BPI Asset Management posted significantly
diminished assets under management with P38.8 billion,
down 3.2 percent from P40.1 billion in 2006.
Third-ranked Sunlife Asset Management posted AUM of
P18.2 billion, up 60 percent from P11.4 billion.
Philequity Asset Management had AUM of P2.9 billion last
year, up 61 percent from P1.8 billion in 2006.
Grepalife Asset Management, which had AUM of P1.1
billion last year, only had P436 million in 2006 or an
increase of 152 percent.
Cuisia
also noted Philam Bond Fund’s peso bonds is now No. 1 in
terms of five-year yields and its dollar bond fund is
also No. 1 in terms of three- and five-year yields.
The
Philam Fund, a balanced fund that mixes bond investments
with equity exposures, is also No. 1 in 10-year yields
and No. 2 in three-year yields.
Cuisia
said Philam also engages in continuous
investor-education undertakings to maintain market
leadership. |
