BPI ALFM Family of Funds
The Bank of Philippine Island’s (BPI) ALFM Family of Funds is looking at 14 percent growth in total assets under management for 2010.
ALFM president Adelbert Legasto, in a briefing Thursday, said funds under their care reached P460-470 billion in 2009, bulk of which are institutional funds while P34 billion is mutual funds.
He said last year was “an extremely difficult period” due to the global economic downturn that put investors’ confidence “deeply shaken.”
He, on the other hand, noted that latest global and domestic developments show signs that “slowly turning the corner.”
“While this is a welcome relief, there’s consensus that the recovery remains fragile and modest. It is, however, notable that the Philippines was one of the few countries that managed to dodge the recession, and was better placed than most of its Asian neighbors,” he said.