Pru Life UK announced an expansion of its strategic partnership with the ATRAM Group as part of its growth strategy to focus on its core business and fulfil the evolving needs of its growing customer base.
Pru Life UK said that following the approval by the Bangko Sentral ng Pilipinas (BSP), the trust operations and entire fiduciary portfolio of Pru Life UK Asset Management and Trust Corp. (PAMTC) would be transferred to ATRAM Trust Corp. in November 2023.
ATRAM Investment Management Partners Corp., an affiliate of ATRAM Trust, will also acquire PAMTC as an entity by 2024, subject to regulatory conditions.
“PAMTC has grown its portfolio, offering a superior selection of funds for Filipinos who want to achieve their financial goals. With Pru Life UK and ATRAM’s shared goal of helping more Filipino families live wealthier, we look forward to ATRAM continuing the legacy of PAMTC,” said Pru Life UK president and CEO Eng Teng Wong.
He said with ATRAM’s strength and solid track record in asset and wealth management, customers’ funds would continue to be managed well.
“We want to assure PAMTC clients of a smooth transition. With a long and proven track record in asset management, ATRAM brings a robust investment process built on best practices with a focus on risk management. This ensures that your client portfolios are well managed and will deliver the expected performance on a consistent basis,” said ATRAM Group CEO Michael Ferrer.
Pru Life UK and ATRAM announced their strategic partnership in August 2023. ATRAM was selected following a rigorous evaluation and approval process.
Pru Life UK and ATRAM said they would also co-develop and launch more innovative and customer-centric investment solutions to further strengthen their investment performance for customers.