First Metro Investment Corp. (FMIC), the investment banking arm of Metropolitan Bank & Trust Company, is selling its entire 70-percent stake in First Metro Asset Management Corp. (FAMI) to the ATRAM Group for an undisclosed amount.
Metrobank said in a disclosure to the stock exchange Wednesday the board of FMIC approved the sale of its 1.05 million shares in FAMI to a consortium consisting of the ATRAM Group, led by its parent company, ATRAM Investment Management Partners Corp. and MET Holdings, Inc.
The sale is a part of the FMIC’s strategy to focus on the investment banking business.
ATR Holdings president and ATRAM Trust Corp. chairman Manuel Tordesillas said the acquisition is in line with the group’s thrust to expand its fund management operations in the country.
“FAMI is a valuable acquisition for us as we aim to expand our fund management operations in the country. It is a strategic business move given its mix of funds,” said Tordesillas.
“The parties in this transaction wish to assure FAMI’s clients of a smooth transition and uninterrupted continuation of business. Part of FAMI’s mission is to be a trusted steward who promotes investment literacy, creates innovative investment solutions, and provides exceptional customer experience, thereby transforming Filipinos from savers to investors. ATR Holdings and ATRAM are enthusiastic to be given the opportunity to carry out FAMI’s mission further,” Tordesillas said.
FAMI is the principal distributor and fund manager of First Metro Philippine Equity Exchange Traded Fund Inc. since its establishment in 2013.
“The ATRAM Group is a reputable and respected player in the industry for its expertise in fund management. We are confident that it can carry out what we have started in FAMI and even bring the Company to greater heights,” said FMIC president Anthony Ocampo.
ATRAM is one of the leading independent asset management firms in the country, ranking fourth among active investors in the trust industry, with assets under management of over P385 billion as of Sept. 30, 2024.
