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RBC launches dollar-denominated UITF
ROBINSONS BANK Corp. (RBC) has launched a dollar-denominated short-term unit investment trust fund (UITF) product.
“While investing in the stock market is a great way to build wealth over the long term, it can also be a roller coaster ride in the short term. That’s why many investors seek out investment options that offer a balance of stability and growth potential such as unit investment trust funds,” Robinsons Bank said in a statement on Tuesday.
“Similar to other UITF products, the Dollar Short-Term Feeder Fund offers investors the opportunity to diversify their investment portfolio by investing in a range of fixed-income securities,” it added.
The Gokongwei-led lender said 90% of the feeder fund will be invested in the Sun Life Prosperity Dollar Starter Fund, Inc.
The remaining 10% will be invested in liquid assets with a portfolio duration of not more than one year, the lender added.
“This can help reduce the risk of investing in just one or two individual securities,” Robinsons Bank said.
The UITF will be managed by RBC’s trust professionals and Sun Life Asset Management Company, Inc.
“For as low as $500, this innovative product is designed to offer Filipinos the best of both worlds, with the security of a traditional savings account and the potential for higher returns through expertly managed investment portfolios,” the lender said.
Robinsons Bank will soon merge with Bank of the Philippine Islands (BPI), with the latter as the surviving entity. Upon the deal’s close, Robinsons Bank’s shareholders will hold approximately 6% of the resulting outstanding capital stock of BPI.
Through the merger, BPI will also be taking over Robinsons Bank’s 20% stake in digital lender GoTyme Bank, a joint venture between the Gokongwei Group and Tyme. GoTyme Bank was one of the six entities granted an online banking license by the Bangko Sentral ng Pilipinas. — AMCS