The mutual fund unit of Sun Life of Canada—which is increasingly targeting millennials or young adults as investors—has breached the P60-billion mark in terms of assets under management (AUM).
This AUM level, a record high for Sun Life Asset Management Co. Inc. (SLAMCI), gives it a market share of about a quarter of the P240-billion Philippine mutual fund industry. This also makes it the second largest player in the business.
Gerard Bautista, SLAMCI head for bank and alternative channels, said the AUM level breaching the P60-billion mark was a new milestone for the company. He said the funds were invested by a base of about 131,000 clients with exposure to 11 mutual funds managed and distributed by the group.
The AUM level has expanded by some 20 percent from the end-2016 level of about P50 billion.
About 30 percent of SLAMCI’s client base consisted of millennials and the number is still growing, Bautista said. Each millennial investor has an average investment of P8,000 to P10,000.
SLAMCI has tapped Sun Life group’s brand ambassador, 27-year-old actor Matteo Guidicelli, to launch a new investment campaign that explains the intricacies of mutual funds in a language appealing to young people.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.