Philippine fund houses eye wealth-management sector

With its takeover of ING Investment Management’s Philippine arm – which completed on March 30 – Manila-based BPI Asset Management may have overtaken BDO Asset Management as the country's biggest fund house and expects to see particularly fast growth in its retail business. As of December 31, BDO had 570 billion pesos ($13.2 billion) in assets under management, while the combined assets of BPI AM and ING IM stood at Ps564 billion. Yet BPI AM had a good start to 2011 and surpassed P…