Yuchengco-led Rizal Commercial Banking Corp. on Tuesday bared having under its care assets totaling P147.49 billion at its trust unit as at end-March this year, the largest asset under management (AUM) ever booked by the enterprise thus far.
Robert B. Ramos, RCBC trust and investments group head, said this much AUM is 4.6 percent higher than the year-ago level and the result of strategic partnerships created by the trust unit, the wealth management group and its retail banking colleagues.
“Over the years, our investments managed accounts business has been one of the primary drivers of our AUM. The continued confidence of our customers in our services and the improving market conditions enable us to achieve continuous growth,” Ramos said.
Ramos is optimistic of the bank’s growth potential, citing the recent partnership with Sumitomo Mitsui Banking Corporation Group.
SMBC, one of the largest in Japan, is the commercial banking arm of Sumitomo Mitsui Financial Group. In November last year, SMBC increased its shareholding at RCBC from 4.999 percent to 20 percent.
“Now, we have partnerships with SMBC as well. We believe SMBC can also provide us access to new products. These new funds can in turn be made available to our client base. We also hope to learn their best practices so that we may implement them here in RCBC as well,” Ramos said.
