BPI takes over ING Manila unit

38 employees of ING Bank Manila's trust department will be absorbed as a separate division under BPI, which became the manager, adviser and administrator of 32 investment funds.

The Ayala-led Bank of the Philippine Islands has completed its purchase of the local fund management business of Dutch financial giant ING, a transaction that has made it the biggest player in the local trust industry.

BPI announced it had completed the acquisition of the trust and investment management business and other related assets in the Philippines of ING Bank N.V. Manila Branch effective Wednesday.

A total of 38 employees of ING Bank Manila's trust department will be absorbed as a separate division under the asset management and trust group of BPI (BPI Asset Management). This move brings the total number of employees of BPI Asset Management to 222, making it one of the largest employers of trust and investment professionals in the country.

With the acquisition, BPI became the manager, adviser and administrator of a total of 32 investment funds, the biggest in the Philippines, the BPI statement said.

"The completion allows us to proceed with the next steps to integrate the acquired business into BPI. We assure clients the same level of service quality that they have enjoyed and relied on through the years with ING, further enhanced by BPI’s robust risk management framework and processes. This experience will further be enhanced by the opportunity to access a diverse range of products and services offered by BPI and the rest of the Ayala Group of Companies," BPI president Aurelio Montinola III said.

This move brings together two leading and multi-awarded investment management institutions with complementary strategic visions, product technologies and a commitment to customer satisfaction. BPI has a strong presence in wealth management, institutional fund management, and investment funds management and distribution while ING Investment Management Philippines has a well-earned niche in equity portfolio management, institutional business and funds business.

View the full story in The Philippine Daily Inquirer.

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