BPI Investment Management, Inc. (BIMI) has teamed up with global asset manager BlackRock to form the country’s first feeder and income-paying mutual fund.
BIMI said ALFM Global Multi-Asset Income Fund (ALFM GMIF) is a global multi-asset fund seeking to deliver “consistent and competitive income for its investors while maintaining a risk-first approach management strategy.”
It invests at least 90% of its assets in the BlackRock Global Fund Multi-Asset Income Fund as the target fund, allowing local investors to tap global securities and other investments for at least $100, and $20 in incremental investments thereafter.
“Unit holders can expect regular and consistent dividend income paid on a monthly basis, based on the target fund’s historical performance of 3-5% net dividend yield per annum,” it said in a press release late Wednesday.
ALFM GMIF is BIMI’s first new fund in more than 10 years.
“This is a product with many firsts for BIMI and should broaden our product offerings to suit the changing needs of investors,” BIMI President Martin Enrile was quoted as saying.
BlackRock has $7.8 trillion in assets under management to date, according to the statement, making it one of the biggest asset managers in the world.
Meanwhile, BIMI is a wholly owned subsidiary of the Ayala-led Bank of the Philippine Islands (BPI).
Shares in BPI went up by 55 centavos or 0.64% to close at P86.20 apiece on Thursday.