PNB launches two new global feeder funds
PHILIPPINE NATIONAL Bank (PNB) has launched two new global feeder funds to help clients diversify their portfolios and generate higher income by investing in global assets.
The bank’s trust banking group is offering the new funds to local investors aiming for long-term capital growth, with 90% of assets to be allotted in a certain target fund, PNB President and CEO Jose Arnulfo A. Veloso said in a press release on Wednesday.
“The PNB Global Feeder Funds give our investors the ability to venture globally and diversify into global stocks,” PNB Chief Trust Officer Jiah R. Santos said.
One of the new funds is the PNB World Perspectives Equity Feeder Fund, which will have the Franklin Global Growth Fund as its target fund. Investors will be able to tap international companies known for their sustainable growth.
The local bank said it teamed up with global asset management firm Franklin Templeton, which has more than $1.5 trillion in assets under management.
Meanwhile, the second product is the PNB US Equity Sustainability Leaders Feeder Fund, which allows clients to invest in US companies that have environmental, social and corporate governance (ESG) characteristics through its target fund, the Legg Mason ClearBridge US Equity Sustainability Leaders Fund.
“We understand the needs of some of our clients who have aggressive risk appetites or those who want to invest in global equities,” Mr. Veloso said.
He said investing in these global feeder funds will help individuals manage their money and expand their portfolios to include international assets. The two new funds are available for a $1,000 minimum investment and can be tapped through the bank’s unit investment trust fund online platform, as well as in all PNB physical branches.
On June 15, the bank obtained approval from the Bangko Sentral ng Pilipinas (BSP) to launch the offshore funds.
Regulators have also allowed the Tan-led lender to offer a Personal Equity and Retirement Account product, an investment scheme authorized by Republic Act 9505 that encourages Filipinos to save up for their retirement.
PNB’s net income surged to P20.388 billion in the second quarter from just P52.597 million a year ago on the back of the improved performance of its core businesses.
Shares in PNB ended at P20.60 apiece on Wednesday, up by 60 centavos or by 3% from the previous day.