BANK of the Philippine Islands’ (BPI) asset and wealth management arm has been tapped by the Social Security System (SSS) to manage a P2.5-billion investment fund.
BPI Wealth was awarded the mandate after four months of bidding, BPI Wealth said in a statement.
“We are honored to be chosen by SSS as one of the partners in managing their investment portfolio. Amid the most challenging markets in recent years, this new mandate proves that despite market volatility, we have delivered on our commitment to achieve target returns, provide superior service, and offer expert advice,” BPI Wealth President and Chief Executive Officer Maria Theresa D. Marcial said.
SSS chose BPI Wealth to manage the fund due to its track record, the Ayala-led company said.
BPI Wealth’s assets under management stood at P950 billion as of end-March, rising by 8.6% from P875 billion at end-December 2022.
Meanwhile, its listed parent BPI booked an attributable net income of P12.134 billion in the first quarter, 51.98% higher year on year on improved net interest earnings and lower loan loss provisions.
BPI’s shares fell by P2.6 or 2.46% to end at P102.90 apiece on Monday. — AMCS