The Sun Life Asset Management Co. Inc. (Slamci) has exceeded its target assets under management (AUM) for the year of only P53 billion by some P4 billion to P57 billion instead as more investors shifted to money market funds in the first four months.
According to Slamci President and CEO Valerie N. Pama, AUM in 2016 amounted to only P48 billion but that their first-quarter performance this year sow the level climbing swiftly to more than P56 billion and on to P57 billion by April.
“For the first quarter, we reached P56-plus billion. I don’t remember exactly, but for April we’re P57 billion already so it’s a new high for the asset management company,” Pama told financial reporters.
She attributed the growth in AUM to the placement of its funds in bond funds and money market funds that investors prefer.
“If you look at it, a lot of our new funds also are in bond funds and especially in money market funds. Because it was volatile, a lot of investors were in the sidelines [and] decided to maybe wait it out in our money market fund, which we got a lot. Which is why we reached P57 billion,” Pama added.