{"id":330178,"date":"2024-11-04T11:30:54","date_gmt":"2024-11-04T03:30:54","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=330178"},"modified":"2024-11-04T12:09:07","modified_gmt":"2024-11-04T04:09:07","slug":"trade-the-news-mbt-sells-asset-management-firm-to-atram","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-mbt-sells-asset-management-firm-to-atram\/","title":{"rendered":"Trade the News: MBT sells asset management firm to ATRAM"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Metropolitan Bank & Trust Co.<\/td><\/tr>
Stock Code<\/strong><\/td>MBT<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 88.41<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

FIRST METRO Investment Corp. (FMIC), the investment banking arm of Metropolitan Bank & Trust Co. (Metrobank), will sell its shares in First Metro Asset Management, Inc. (FAMI) to the ATR Asset Management Group (ATRAM Group).<\/p>\n\n\n\n

FMIC\u2019s board of directors on Oct. 30 approved the sale of its FAMI shares to the ATRAM Group \u201cas part of its strategy to focus on the investment banking business,\u201d the Ty-led bank said in a disclosure to the stock exchange on Wednesday.<\/p>\n\n\n\n

FMIC will sell 1,050,000 common shares representing 70% of the issued and outstanding capital stock of FAMI to a consortium made up of the ATRAM Group \u2014 led by its parent firm ATRAM Investment Management Partners Corp. \u2014 and investment holding company MET Holdings, Inc., First Metro Philippine Equity Exchange Traded Fund, Inc. (First Metro ETF) said in a separate disclosure.<\/p>\n\n\n\n

\u201cThe entry of the ATRAM Group will not affect the company\u2019s current leadership team to ensure continuity and stability of the company\u2019s operations. Meanwhile, FAMI\u2019s quality of service will remain unchanged and most importantly, clients can rely on the same dedication and expertise that it has always provided,\u201d it said in a statement.<\/p>\n\n\n\n

A share purchase agreement will be executed between FMIC and MET, with the completion of the transaction subject to the fulfillment of the deal\u2019s conditions, it added.<\/p>\n\n\n\n

\u201cThe 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,\u201d FMIC President Antonio R. Ocampo, Jr. was quoted as saying in the firms\u2019 joint statement.<\/p>\n\n\n\n

\u201cFAMI 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,\u201d said Manuel N. Tordesillas, ATR Holdings president and ATRAM Trust Corp. chairman.<\/p>\n\n\n\n

Mr. Tordesillas assured FAMI\u2019s clients that there would be a \u201csmooth transition and uninterrupted continuation of business\u201d following the transaction.<\/p>\n\n\n\n

\u201cPart of FAMI\u2019s 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\u2019s mission further,\u201d he added.<\/p>\n\n\n\n

FAMI is the principal distributor, administrator and fund manager of First Metro ETF and FMIC\u2019s mutual funds.<\/p>\n\n\n\n

(News Source: Business World<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-330178","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=330178"}],"version-history":[{"count":2,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330178\/revisions"}],"predecessor-version":[{"id":330208,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330178\/revisions\/330208"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=330178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=330178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=330178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}