Eastspring wins mandate from Philippines’ central bank
19 August 2013
Category: News, Global, Philippines
By Toby Garrod
Eastspring Investments, the Asia asset management arm of UK-based Prudential, has been accredited as one of Bangko Sentral ng Pilipinas (BSP) Provident Fund’s equity fund managers. Eastspring Investments is the first foreign fund manager to manage BSP’s Philippines equity portfolio.
BSP is the central bank of the Republic of the Philippines. Eastspring Investments will manage the Philippines equity mandate for the BSP Provident Fund, which provides retirement funding for BSP’s employees.
“BSP’s decision to award this mandate to Eastspring Investments reflects their trust in our experience in investing in Asia as well as our valuation, research-driven investment philosophy,” Ted Pull, chief financial officer, Eastspring Investments, said at the signing ceremony held on August 12 in Singapore.
Also speaking at the signing ceremony, Vicente Aquino, deputy governor, BSP, commented that Eastspring Investments was chosen after stringent rounds of evaluation. “Apart from excellent investment performance, we are very pleased to have chosen a renowned fund manager that we could entrust in. Eastspring Investments was an exception in BSP Provident Fund’s history to be selected as the first foreign fund manager to manage our Philippines equity mandate,” Mr. Aquino said.
“We are deeply honoured to be BSP Provident Fund’s first foreign fund manager for this asset class, as they have previously selected onshore managers,” Mark Yuen, head of institutional sales for Southeast Asia, Eastspring Investments said.
“This is also our first external institutional client in the Philippines, and this accreditation highlights our commitment to provide the best service in investment management,” Mr Yuen continued.
Eastspring has been heavily focussed on expanding its institutional side in the past year. In September 2012, it appointed Piers Wheeler as director, institutional business and Mr. Yuen as director and head of sales, Southeast Asia.
That announcement followed the official launch of Eastspring Investments’ US business in Chicago recently by Graham Mason, chief executive of Eastspring Investments. The opening of the US business aims to capture increasing interest among global investors in the Asia growth story.
Eastspring has historically had greater prominence in the retail market. In 2012 it topped Asia Asset Management’s annual ranking by size of retail fund managers in Asia. The annual survey ranks participating fund managers in Asia (ex-Japan, Australia and New Zealand) based on assets sourced in the region.