Equitable PCI Bank trust assets surpass P79B in September

Equitable PCI Bank trust assets grew by 16 percent, or from P68.1 billion rose to P79 billion in September from P68.1 billion in June, up 16 percent in the third quarter versus 4.17 percent for the industry, due to its outstanding performance in traditional funds and common trust funds.

The bank’s trust group recorded higher-than-industry growth in assets under management and thus ranking number one fund manager into retirement funds in the country in the latest Watson Wyatt survey.

It topped the second quarter 2003 survey by Watson Wyatt, an international management consulting firm, in terms of returns over three years and five years running.

It delivered the best performance among leading investment managers handling at least five funds under the category of full discretion trust accounts.

Equitable PCI Bank had earlier topped the 73rd Watson Wyatt survey this year.

It gave the best return to full discretion accounts in the first quarter 2003 among fund managers with at least five funds in the survey.

Equitable PCI Bank claims to have beat investment benchmarks such as risk-free T-bill rates and the Phisix equity market index, delivering average net returns of 10 to 12 percent per annum on peso assets over the last five years.

"We delivered high returns amid record low interest rates by thoroughly researching the market and exercising a rigid discipline in our trading," bank senior vice president & trust officer Marvin V. Fausto said in a statement.

"We make good calls on the markets and we manage our risks rigorously."

Fausto attributed the growth of Equitable PCI Bank’s trust business not only to its excellent investment performance record but also to the development of products closely tailored to investors.

Equitable PCI Bank enhanced its personal trust products with the long-term EPIC Coral Fund and EPIC Jade Fund.

These vehicles allow investors to avail of exemption from the usual 20-percent final tax on investment income.

It launched recently the EPIC Ivory Fund, an innovative product that allows investors to build up both tax-free income and capital on a long-term perspective while retaining the flexibility to withdraw contributions for unforeseen needs.

The minimum investment is a low P100,000.

Equitable PCI Bank is the country’s third largest commercial bank. It has over 400 branches and more than 400 FASTeller ATMs, with access to 4,000 BancNet, MegaLink, and ExpressNet ATMs.