Philippine insurer gives ING investment mandate

Insular Life has awarded ING Investment Management a global equities mandate; a fund of funds mandate could follow.

Insular Life, the largest Philippine-owned life insurance company, has awarded ING Investment Management a $25 million global equities mandate, about 5% of the insurer's total assets under management, says Chuak Chan, regional business development director at ING in Hong Kong.

Ramon Abejuela, executive vice president and COO at Insular in Manila says the move offshore had been in the works for over a year. We had all our eggs in one basket, he says, noting all policy holder funds were invested in domestic equities or real estate. We wanted just a little invested outside. The majority of its assets are managed in-house, as Insular has a good feel for the local markets, but it had...

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