Asset Management Organizational Changes

Dear Valued Client,
In recognition of the need to flexibly adapt to a rapidly changing global environment and the continued expansion of the economy and financial markets, we at BPI Asset Management have made some important changes in the organization to better deliver our services to you. 
We have strengthened integration across the areas of portfolio management, institutional account management, wealth management, and private banking in order to improve efficiency and enhance our customer value proposition. In line with this, the following changes shall take place:
 Appointment of a New Chief Investment Officer
Estelito “Lito” C. Biacora (Senior Vice President) takes on his new role as Head of Investment Management and Chief Investment Officer of BPI Asset Management. With 23 years of experience in treasury and portfolio management, and most recently as Head of BPI Private Banking, Lito succeeds the undersigned as I henceforth focus broadly on business strategy, growth opportunities and governance as Chairman of the BPI Asset Allocation Committee (AAC). Lito shall be appointed Vice-Chairman of the AAC and will have overall responsibility of the entire investment process spanning portfolio management of both segregated and pooled fund mandates, trading, economic research and investment analysis.
BPI Asset Management shall continue to employ multiple investment management engines as we execute portfolio management strategies across different investment brands: BPI Investment Funds, Index Funds, Odyssey Funds and ALFM Funds (in an advisory capacity). Lito will be working alongside highly experienced senior portfolio managers including Smith L. Chua (Vice President) who joined BPI in 2011 following the acquisition of ING Investment Management Philippines.  Smith, who has 16 years of progressive experience in fund management, has consistently managed top performing funds in the industry, and he will be responsible for the Odyssey Funds investment process.
Attaching BPI Private Banking to Asset Management
We envisage the streamlining of client services to the high net worth customer segment by attaching BPI Private Banking into the Asset Management and Trust umbrella.  Private banking clients should expect to further benefit from having greater access to investment solutions, broader product coverage, and market expertise provided by our portfolio managers and investment analysts. We are excited about the new innovations in the private banking space and we hope to bring this to our customers thru synergies with asset management. I shall personally oversee this integration until we appoint a new Head of BPI Private Banking.

 Changes in Wealth Management
We have combined retail and wholesale distribution in one platform under our Wealth Management services as we anticipate a movement towards open architecture for investment funds across the industry. Mario T. Miranda (Senior Vice President), a 29 year veteran in the asset management and trust industry is tasked with taking the wealth management business into the future through an integrated traditional and digital investment funds distribution and advisory capability.
 Integration of Institutional Account Management
We have integrated the Institutional Business under the management of Paul Joseph "PJ" M. Garcia (Senior Vice President) to help ensure consistency of service quality across the institutional account spectrum. PJ was the Head of ING Investment Management Philippines and joined BPI in 2011 as a result of the business acquisition.  Institutional clients are anticipated to benefit from the valuable market insights that PJ and the coverage team are expected to deliver apart from the usual client services.
We have attached our Organizational Chart for your kind reference.
Once again, we take this opportunity to thank you for your continued trust and we look forward to strengthening our partnership.
Maria Theresa Marcial-Javier
Head, BPI Asset Management and Trust Group