RCBC wealth manager nears P50 B in managed assets

MANILA, Philippines - The Wealth Management Group of Rizal Commercial Banking Corp. (RCBC) is optimistic of hitting its P50-billion, five-year asset under management (AUM) target by end 2011.

It is presently managing P40-billion AUMs, or a 30-percent expansion from its 2009 position.

RCBC Wealth Management Segment head Manuel G. Ahyong Jr. explained that the industry outlook is positive as more Filipino investors are realizing how wealth management services can significantly augment their incomes.

“The Filipinos’ appetite for sophisticated means of growing one’s wealth, apart from traditional banking services, is really growing,” Ahyong said.

He said that the economic challenges arising from the natural and political upheavals overseas are directing more investors to look for safer havens locally in which to invest their funds.

“RCBC Wealth Management has done very well in creating a strong brand specializing in individually customized investment counseling, financial planning, tax and estate advisory and other special needs,” he added.

RCBC now holds wealth management offices in Greenhills, Quezon Avenue, Caloocan, Binondo, Makati and Cebu. It is mulling opening other sites in the cities of Iloilo and Davao.

Wealth management or private banking is a banking activity focused on nurturing high net-worth individuals, with a prospective minimum investment portfolio of P20 million.

Private banking allows individuals access to a pool of savings and investments instruments including savings accounts, time deposits or money market placements, foreign currencies, stocks, bonds, life and non-life insurance, trust products including unit investment trust funds (UITFs), real estate, managed funds, and other investment alternatives.