Gamc sales up in Q3

MANILA, Philippines - The Grepalife Asset Management Corp. (GAMC), the mutual fund management arm of the Yuchengco Group of Companies, has surpassed P3.2-billion in gross sales at the end of the third quarter of 2011. GAMC-managed mutual funds likewise dominated total net sales (difference between gross sales and redemptions) among bond mutual funds invested in foreign currency securities by increasing net assets by P1.3 billion representing 106-percent share in total net sales growth for all funds in the same category. Assets under management (AUMs) grew to over P4.6 billion by the end of the third quarter of 2011. GAMC general manager Teodoro D. Banaag said the Grepalife mutual funds maintain portfolio modified duration of less than five years. Modified duration is a measure of how volatile the return of a portfolio would be with respect to movements in interest rates. Being bond mutual funds, the Grepalife Fixed Income Fund (GFIF), Grepalife Dollar Bond Fund (GDBF) and Grepalife Bond Fund Corp. (GBFC) are invested solely in fixed income instruments, such as government and corporate bonds. GAMC has an on-demand account inquiry service for investors via SMS and the Internet.