SSS taps Security Bank to manage asset portfolio worth P2.5 billion
SECURITY BANK Corp.’s asset management arm was tapped by the Social Security System (SSS) to manage two fund mandates with assets totaling P2.5 billion for three years.
The fund management contract consists of P1.5 billion in a Balanced Fund mandate and P1 billion in a Pure Fixed Income Fund mandate, Security Bank said in a statement on Monday.
The bank’s Trust and Asset Management Group was awarded the fund management contract after three years of bidding, the lender said.
“We’re very thankful for the confidence and trust that Social Security System has given to us at Security Bank. Being able to manage funds for one of the largest government institutions in the country is an opportunity we are very proud of,” Security Bank Trust and Asset Management Group Vice-President and Division Head of Sales and Client Acquisition Carmela T. Lim said.
Security Bank said its asset management group has been tapping different partners in the fund management industry since 2019 to enhance its portfolio quality.
The asset management arm of Security Bank offers investment and trust products and services for its clients, including unit investment trust funds, retirement funds, investment management accounts, escrow agency accounts, and corporate and pre-need trusts, it said.
Security Bank saw its net income increase by 53% to P10.6 billion in 2022, driven by the growth of its core businesses.
The lender’s shares rose by 60 centavos or 0.65% to end at P92.60 each on Monday. — A.M.C. Sy
