In 2003, MBTC’s department registered total assets under management (AUM) at P105.5 billion.
However, in the first three months this year alone, MBTC’s AUM was reportedly lower than the record P34.5 billion in the same period level a year ago.
Josefina E. Sulit, Metrobank executive vice president and trust officer admitted that they had originally set a minimum 20 percent growth target in AUMs this year.
"We will most likely reset our full year targets since we have already surpassed our first quarter target," Sulit added.
The trust group handles both traditional and common trust funds (CTFs) accounting for roughly 40-percent and 60 percent, respectively.
Examples of traditional trust accounts (which are customized for specific demands of the clients) are escrow, estate planning, insurance in trust, employee benefits, pre-need funds, and custodianships. The CTF is one big fund consisting of personal, corporate and institutional accounts handled by a trustee bank as fund manager.
Last year, the AUMs handled by the Metrobank trust group was ranked second biggest in the industry behind that of the Bank of the Philippine Islands (BPI), which stood at P130 billion end 2003.
The total volume of the trust industry hit an all-time high of P650.8 billion last year, or nearly 20 percent higher than the previous high of P545 billion recorded in 2002.