Philam funds hit P20 billion mark
Mutual funds in the Philippines are showing a good performance. Last year, the BPI Asset Management Group, fund manager of the Ayala Life Fixed Income mutual fund, hit P20 billion in assets under management (AUM). Now, Philam Asset Management Inc. (PAMI) hit the mark.
PAMI manages five funds. Its biggest is the Philam Dollar Bond Fund with total placements of P11.4 billion. Philam Bond Fund has P7.5 billion, GSIS Mutual (Kinabukasan) Fund Inc. has P1.03 billion, Philam Fund Inc. (PFI) has P171.8 million, and the Philam Strategic Growth Fund has P24.4 million.
It's targeting P36 billion in AUM this year. The entire mutual fund industry -- with 30 funds managed by less than 10 asset management firms -- is targeting around P60-billion in AUM this year.
