BPI Investment Management Inc. (BIMI), a wholly owned subsidiary of the Bank of the Philippine Islands (BPI), has assumed the management and distribution of nine (9) mutual funds previously managed by PhilAm Asset Management, Inc.(PAMI) effective January 29, 2020.
BIMI and PAMI first announced the agreement to transfer the management of the funds in November 2019.
With the seamless transition of the funds to BIMI, investors in the PAMI funds can expect to benefit from the consistent track record and expertise of BIMI.
“We look forward to managing the PAMI funds and excited to help more Filipinos achieve industry-leading returns from their investments,” said BIMI President Martin Enrile.
BIMI is the country’s largest manager of mutual funds. It manages the ALFM Funds which represent approximately 35 percent of the industry as of end December 2019.
The addition of the PAMI funds under BIMI’s management doubles its product offerings to 18 and nearly triples its client base from 50,000 to 140,000.
The deal will see BIMI’s assets under management (AUM) increase to nearly P165 billion.