COL Financial to take in two more mutual funds as partners

COL Financial Group Inc. is still looking for more companies offering mutual funds as the online brokerage continues to diversify from being purely a stockbroker, its top official said Wednesday.

 

"There are a couple more in the pipeline," COL Financial president Conrado Bate told GMA News Online via text message.

 

"We have an open architecture so we are open to partner with different fund sponsors," he added.

 

However, he declined to name the latest partnerships until the arrangement is signed so as not to pre-empt the deal.

 

In a disclosure to the Philippine Stock Exchange Wednesday, the online brokerage said it already signed a distribution agreement with Philam Asset Management Inc. to distribute mutual funds collected by Philam Bond Fund Inc., Philam Fund Inc., PAMI Horizon Fund Inc., Philam Managed Income Fund Inc., and Philam Strategic Growth Fund Inc.

 

"The partnership will allow the sale and distribution of PAMI mutual funds through COL Financial’s online distribution platform soon," the disclosure read.

 

In October 2013, COL Financial announced plans to offer mutual funds on a web platform due to growing demand for the product.

 

Mutual funds consist of money from individuals pooled and invested by a fund manager, usually from an investment or insurance company. The fund is invested in stocks, bonds, money market instruments and similar assets. 

 

On August 4, COL Financial signed a distribution agreement with ALFM Peso Bond Fund Inc., ALFM Money Market Fund Inc., ALFM Growth Fund, Inc., Philippine Stock Index Fund Corp., and BPI Investment Management Inc.

 

The agreements are still subject to Securities and Exchange Commission approval.

 

The online brokerage also partnered with BDO Unibank Inc.'s trust and investment group last May to market its investment trust funds.

 

COL Financial also signed a distribution deal with ATR KimEng Asset Management Inc. in April and with Sun Life Asset Management Co. Inc. in January. – VS, GMA News