Listed Security Bank Corp. has edged out competing fund managers for a shot to manage P2.5 billion worth of assets of state-run pension fund manager Social Security System (SSS).
Security Bank’s Trust and Asset Management Group has been mandated to manage funds of SSS for a period of three years after it edged out other participants in a rigorous three-month bidding process.
“We’re very thankful for the confidence and trust that Social Security System has given to us at Security Bank. Being able to manage funds for one of the largest government institutions in the country is an opportunity we are very proud of,” Security Bank TAMG vice president and division head of sales and client acquisition Carmela Lim said.
“Through this, we can extend our promise of BetterBanking not only to SSS but also to its members, through prudent fund management,” Lim added.
The assets under management consist of P1.5 billion Balanced Fund mandate and P1 billion Pure Fixed Income Fund mandate.
Security Bank’s TAMG offers a wide array of investment and trust services for its clients, including unit investment trust funds (UITF), retirement funds, investment management accounts, escrow agency accounts, corporate and pre-need trusts.
Since 2019, the government’s social insurance program for the country’s private sector workers and their families has been tapping reputable partners in the fund management industry to enhance the investment portfolio return and consequently extend the actuarial life of the SSS Fund.
SSS is the country’s largest pension fund institution that addresses the basic needs of the private sector workers and their families by protecting them from the hazards of disability, sickness, old age, and death by providing for other benefits in case of unemployment, maternity and work injury.
