FAMI, MCN launch mutual fund designed for cooperatives and cooperative members
Written By Angelo Silva
Published on Oct 03, 2019
Reading time 3 mins
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DAVAO CITY – First Metro Asset Management Inc. (FAMI), the fund management subsidiary of First Metro Investment Corporation, partnered with Model Cooperative Network (MCN) to launch a mutual fund specially developed for cooperatives. The new mutual fund, the First Metro Save & Learn F.O.C.C.U.S (SALFOCCUS) Dynamic Fund, aims to provide cooperative members satisfactory returns on their investments through active fund management.
MCN is a national federation of cooperatives with savings and credit operations, which have received the Finance Organizations Achieving Certified Credit Union Standard (FOCCUS) accreditation. It monitors and reviews the operations of cooperatives to ensure that they observe and adhere to International Prudential Standards, giving members assurance that their cooperatives can safeguard and grow their money. For now, the SALFOCCUS Dynamic Fund is offered as an additional financial product to members of cooperatives under MCN only. However, it will also be made available even to non-MCN members in the future.
MCN CEO Rhoda Ruth M. Pillerin said, “Consistent with the principles of cooperativism, the SALFOCCUS Dynamic Fund aims to improve the quality of life of our members through financial inclusion and wealth creation. Through our partnership with FAMI, we’re able to bring the benefits of investing with the help of a professional fund manager to our individual members.”
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FAMI president Karen Liza M. Roa said, “FAMI is proud of this partnership with MCN. Besides developing a new product, we’re able to showcase our ability to create customized funds to niche markets. Based on their needs, we can zero-in on the requirements of their organization to provide optimum returns to their investments. MCN needs the fund to be agile, to be able to switch from one asset class to another. And that’s exactly what FAMI did with SALFOCCUS Dynamic Fund, so that members of MCN-affiliated cooperatives can earn higher profits through investing in stocks and fixed income securities on a timely manner.”
“The experience of many successful cooperatives in the Philippines has shown us that even the economically-challenged segment of our population can build their savings and investments portfolio. With SALFOCCUS Dynamic Fund, we’re giving them the opportunity to transition from investors in their respective cooperative’s business to investors in the mainstream capital markets as well,” Ms. Pillerin added.
FAMI is a multi-awarded asset management company that currently manages the seven Save & Learn mutual funds, the country’s first and only ETF, the First Metro Philippine Equity Exchange-Traded Fund, and the First Metro Consumer Fund. The company is a partnership among First Metro, the Catholic Educational Association of the Philippines and the Marist Brothers Foundation.