THE total assets under management (AUM) by the various banks reached P1.650 trillion at the end of the first half 2009, 23.58 percent better than the 2008 level of P1.335 trillion.

Based on an industry report, Banco De Oro Unibank, Inc., through its Trust and Investments Group (TIG), captured the top spot at the end of June 2009 accounting for 25.15 percent of the total or P414.990 billion. This was an increase of 22.7 percent from the end-December 2008 level of P338.173 billion.

BDO currently offers nine unit investment trust funds (UITFs) catering to both individual and corporate clients and three other types solely for corporate clients. UITF is an open-ended pooled trust fund denominated in any acceptable currency. It is operated and administered by a trust entity.

The Ayala-controlled Bank of the Philippine Islands (BPI), meanwhile, was ranked number two with P367.206 billion; followed by Metropolitan Bank & Trust Co., P201.849 billion; Standard Chartered Bank, P128.755 billion; China Banking Corp., P63.584 billion; ING Bank N.V. (Manila Branch), P57.50 billion; Land Bank of the Philippines, P57.473 billion; Rizal Commercial Banking Corp., P52.607 billion; Deutsche Bank AG P42.252 billion; and Hongkong & Shanghai Banking Corp., P41.80 billion. Other trustee banks represented P222.36 billion, the report added.

Under the local set-up, trust funds are managed by banking institutions with licenses issued by the Bangko Sentral ng Pilipinas (BSP). Non-bank asset management companies operate mutual funds and are regulated by the Securities and Exchange Commission (SEC).