Philippine National Bank (PNB) has launched two new global feeder funds to help clients diversify their portfolios and generate higher income by investing in global assets.
The bank’s trust banking group is offering the new funds to local investors aiming for longterm capital growth, with 90% of assets to be allotted in a certain target fund, PNB President and CEO Jose Arnulfo A. Veloso said in a press release.
One of the new funds is the PNB World Perspectives Equity Feeder Fund, which will have the Franklin Global Growth Fund as its target fund. Investors will be able to tap international companies known for their sustainable growth.
The local bank said it teamed up with global asset management firm Franklin Templeton, which has more than $1.5 trillion in assets under management.
Meanwhile, the second product is the PNB US Equity Sustainability Leaders Feeder Fund, which allows clients to invest in US companies that have environmental, social and corporate governance (ESG) characteristics through its target fund, the Legg Mason ClearBridge US Equity Sustainability Leaders Fund.
The two new funds are available for a $1,000 minimum investment and can be tapped through the bank’s unit investment trust fund online platform, as well as in all PNB physical branches.
On June 15, the bank obtained approval from the Bangko Sentral ng Pilipinas (BSP) to launch the offshore funds. Regulators have also allowed the lender to offer a Personal Equity and Retirement Account product, an investment scheme authorized by Republic Act 9505 that encourages Filipinos to save up for their retirement.