The Social Security System (SSS), the government’s social insurance program for the country’s private sector workers and their families, has awarded Security Bank Corporation’s Trust and Asset Management Group (TAMG) with a fund management contract. TAMG will manage 2 mandates with a total Asset Under Management of PHP2.5 billion for a period of three years. This comes after a three-month rigorous bidding process, participated in by various local fund managers in the Philippines.
Since 2019, SSS has tapped reputable partners in the fund management industry to enhance the investment portfolio return and consequently extend the actuarial life of the SSS Fund.
“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. says Carmela Lim, VP and Division Head of Sales and Client Acquisition of Security Bank TAMG. She adds: “Through this, we can extend our promise of BetterBanking not only to SSS but also to its members, through prudent fund management.”
The PHP2.5 billion that will be managed by the Bank’s Trust group consists of PHP1.5 billion Balanced Fund mandate and PHP1 billion Pure Fixed Income Fund mandate.
The 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.
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.
To learn more about Security Bank’s Products and Services and its BetterBanking brand promise, visit www.securitybank.com/investments or Security Bank’s Facebook page at www.facebook.com/SecurityBank.