MANILA -Security Bank Corp. was tapped to manage P2.5 billion in funds from the state-run Social Security System (SSS) under a three-year mandate.
The government-run pension fund for private sector employees awarded the mandate to Security Bank’s Trust and Asset Management Group (TAMG), the lender said in a statement.
“We’re very thankful for the confidence and trust that SSS has given to us at Security Bank,” said Carmela Lim, vice president and division sales head of trust asset group.
“Being able to manage funds for one of the largest government institutions in the country is an opportunity we are very proud of,” she said.
“Through this, we can extend our promise of ‘better banking’ not only to SSS but also to its members, through prudent fund management,” she added.
Security Bank won the mandate after a three-month bidding process that saw the participation of various domestic fund mangers.
“Since 2019, SSS has tapped reputable partners in the fund management industry to enhance the investment portfolio return and consequently extend the actuarial life of the SSS Fund,” Security Bank said.
It said the amount consisted of P1.5 billion under a so-called balanced fund mandate and P1 billion under a pure fixed-income funds mandate.
“The bank’s TAMG offers a wide array of investment and trust services for its clients, including unit investment trust funds, retirement funds, investment management accounts, escrow agency accounts, corporate and pre-need trusts,” Security Bank said.