Stock brokerage COL Financial expands to trust funds in BPI partnership

COL Financial Group Inc. is moving from purely stockbrokerage as part of a partnership deal with Ayala-led Bank of the Philippine Islands (BPI) to widen its clients' investment opportunities.

 

In a disclosure to the Philippine Stock Exchange, COL Financial said it signed a memorandum of agreement with BPI's Asset Management and Trust Group.

 

"The MOA sets forth the agreement of the parties with respect to the participation of the company in certain funds of BPI for the benefit and account of the company's clients," the disclosure read.

 

"We're moving out of being purely a stockbroker," COL Financial president Conrado Bate told GMA News Online.

 

The deal gives BPI access to COL Financial's online platform as a distribution channel for Unit Investment Trust Funds (UITFs).

 

UITF is an open-end trust fund in peso or any acceptable currency, which is operated and administered by a trust entity, according to BPI.

 

"This partnership will give our clients access and ability to invest in other funds," Bate said. – VS, GMA News