This follows the Oct. 30 approval by FMIC’s board and marks ATRAM’s push to consolidate its position as one of the Philippines’ largest wealth managers.
ATRAM, which manages over P385 billion in assets as of Sept. 30, is aggressively scaling its portfolio to compete with bigger fund managers.
The group has also acquired the trust assets of the Aboitiz family’s Union Bank of the Philippines in a deal that will merge Union Bank Investment Management and Trust Corp. with ATRAM Trust Corp., making the latter the surviving entity.
In exchange, Union Bank will receive a 27.5-percent stake in ATR Asset Management.
