COL Financial partners with Sun Life Asset Management to offer mutual funds

COL Financial Group Inc. has expanded its product offering after partnering with Life Asset Management Co Inc.

In a disclosure to the Philippine Stock Exchange Tuesday, COL Financial said it signed a memorandum of agreement with Sun Life to allow customers to "invest in certain funds."

COL said the agreement is subject to acquisition of a mutual fund distributor license from the Securities and Exchange Commission.

On Jan. 20, COL Financial partnered with Ayala-led Bank of the Philippine Islands (BPI) to expand its investment opportunities to its clients, allowing it to be one of the distribution channels for the bank's Unit Investment Trust Funds (UITFs).

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

A UITF is an open-end trust fund denominated in pesos or any acceptable currency, which is operated and administered by a trust entity and made available by participation, according to BPI. — Danessa O. Rivera/BM, GMA News