We hear ATR Asset Management (ATRAM), led by CEO Michael Ferrer, is shaking things up with two major deals in the works.
Industry insiders said the investments powerhouse, with around P350 billion in assets under management, is in talks with the Aboitiz family’s UnionBank of the Philippines to merge their trust businesses, which oversees wealth management.
The ATRAM side will emerge as the surviving entity while UnionBank will end up as an investor in the former, we’re told.
ATRAM isn’t done, with other insiders saying there’s another deal involving First Metro Asset Management of the Ty family’s Metrobank Group.
Fund management is all about scale, and ATRAM—which also took over British insurer Pru Life’s local fund management arm just a year ago—aims to level up by making strategic acquisitions.
The industry is consolidating, but it’s been challenging for players—often due to "a lack of scale or skill", one insider noted.
As for UnionBank exiting the trust segment, no need for concern—it’s following the Citi playbook after buying the US lender’s local consumer business two years ago.
“That’s how Citi did it. Open architecture benefits clients by allowing access to the best products, not just what the bank itself offers,” an insider said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.