Based on the registration statement filed with the SEC, the shares will be sold to the public at net asset value per share. The company hopes to raise gross proceeds of P403.86 million depending on the actual NAVPS on the date of issuance.
Proceeds from the issue will be used by the mutual fund firm to invest in a portfolio of high-quality debt instruments issued by the government and prime Philippine companies.
The maximum investment of the Fund in any single enterprise shall not exceed an amount equivalent to 10 percent of its total networth.
Sun Life Prosperity Funds, managed and distributed by Sun Life Asset Management Company, Inc. (SLAMC), is now available through the Trust and Investment Services Department of Standard Chartered Bank.
SLAMC had signed a memorandum of agreement with the Philippine Stock Exchange so that the mutual funds may be made available through the registered stockbrokers of the local bourse.
In spite of being a relatively young player in the industry, SLAMC continues to enjoy market receptiveness as reflected by the 141-percent increase in its fund sales last year. The company’s assets under management (AUM) also increased by 190 percent to P3.16 billion, nearly three times its AUM level in 2001.
The most popular choice of mutual fund for the investors of the Sun Life Prosperity Funds is the Sun Life Prosperity Bond Fund. The bond fund has a year-to-date return of 8.5181 percent per annum.
The very encouraging market response is now driving the company to open up more channels and attract more investments into its various portfolio of products such as the Sun Life Prosperity Bond, Balanced, Philippine Equity, and Dollar Advantage Funds. – Zinnia dela Peña.