SY-LED BDO Unibank Inc. said its trust assets under management (AUM) have risen to P1.028 trillion as of end-2016, making it the first Philippine financial institution to hit the P1 trillion mark.
BDO told the Philippine Stock Exchange (PSE) on Friday its trust assets under management grew 12 percent to P1.028 trillion in 2016 from P917 billion in 2015.
Of the total AUM, P755 billion is under BDO’s Trust and Investments Group (TIG) while the balance of P273 billion was handled by the Wealth Advisory and Trust Group (WATG) of subsidiary BDO Private Bank (BDOPB).
TIG is known for its retail investment products, notably its family of Unit Investment Trust Fund (UITF) as well as its customized portfolios for individuals and corporations.
BDOPB, on the other hand, focuses on servicing the investment and estate planning needs of high net worth individuals using an open architecture framework.
“2016 was a banner year for BDO, both for business growth and new product development in terms of trust assets,” Ador A. Abrogena, BDO executive vice president and trust officer, said in a statement.
“This achievement will not only inspire us to work harder towards better serving our clients, it will also strengthen our resource base that will allow us to fully harness economies of scale and thereby deliver better performance,” Abrogena said.
Last year BDO launched the BDO ESG Equity Fund, which is invested in the stocks of local companies with consideration for good Environmental, Social and Governance (ESG) practices.
For global investors, BDO also introduced the BDO US Equity Feeder Fund for clients who wish to invest in the US equities. This widens the choices of investors who are looking to invest in foreign markets.
Also last year, BDO was the first accredited administrator for Personal Equity and Retirement Account (PERA), after securing approvals from both the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR). PERA is a voluntary retirement account that is meant to supplement a Filipino’s GSIS, SSS and/or corporate pension benefits.
BDO has the largest banking network in the Philippines with more than 1,100 operating branches and over 3,500 ATMs nationwide. The bank is under the SM Group’s umbrella conglomerate SMIC, which also has business interests in retail (SM Retail Inc.) and property (SM Prime Holdings Inc.).