MANILA - The Bank of the Philippine Islands (BPI) said Friday it hit P1 trillion in assets under management (AUM) as more Filipinos invest in trust funds and other investment instruments to preserve wealth amid the pandemic.
The milestone was reached in mid-November, posting a 14-percent growth from a year ago.
“We were able to grow our AUM in the trust and investment management businesses both organically and through new accounts and fund management acquisitions,” BPI Chief Finance Officer Maria Theresa Marcial said.
Foreign investment funds are popular as investors are inclined to "diversify their portfolios" to manage risk during the pandemic crisis, said Sheila Marie Tan, president of BPI Asset Management and Trust Corp.
“Our funds allow them to enter into high-quality global investments at reasonable and achievable amounts,” Tan added.
AUM is the total value of the securities a bank or financial institution manages on behalf of its clients.