Biggest Philippine Money Manager Sells Stocks on Valuations
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The biggest Philippine money manager is reducing equity holdings on concern a rally that drove valuations to the most expensive level in Asia is poised to end.
The Philippine Stock Exchange Index, which is less than 0.1 percent away in entering a bull market, may face a correction in coming months, Fitzgerald Aclan, a vice president in the money management unit of BDO Unibank Inc., which oversees about $18 billion, said in an interview in Manila. The bank plans to introduce new funds this year that give clients access to overseas markets, including the U.S. and China.