by UnionBank Human Resources Group
UnionBank Financial Services and Insurance Brokerage Inc. (UFSI) aimed to expand its offshore investment fund offerings to strengthen its core value proposition and differentiate itself in the local wealth management space. However, the loss of global affiliation and the Philippines’ inclusion in the FATF grey list made onboarding new offshore partners increasingly difficult. Operational complexity also grew, with manual, one-to-one order processing across multiple fund houses. To stay competitive and deliver a superior customer experience, UFSI needed a scalable, tech-enabled solution.
UFSI onboarded the Allfunds platform, a centralized and integrated solution that connects asset managers and financial institutions across the end-to-end fund distribution value chain.
The investment team led the enablement of Allfunds by:
- Engaging Allfunds and finalizing the partnership agreement.
- Developing a process manual and instituting controls for platform use.
- Training the operations team and securing approval from the Consumer and Wealth Risk Group.
- Migrating existing fund house AUM and onboarding new partners through the platform.
This collaborative effort between the Investment and Operations teams ensured a smooth transition and operational readiness, reflecting UnionBank’s commitment to high-tech, high-touch operations and high-performing talent.
The launch of Allfunds in November 2023 accelerated UFSI’s offshore fund strategy:
- 7 new fund houses (e.g., Lombard Odier, Fidelity, PGIM, Invesco, HSBC, Franklin Templeton, Janus Henderson) were onboarded with turnaround time reduced from 6 months to under 1 month, generating USD 241M in AUM and ₱231M in revenue.
- 7 existing partners (e.g., Blackrock, JPMorgan, Pimco, Allianz, UBS, Aberdeen, Schroders) were successfully migrated, streamlining order, settlement, and reconciliation processes for USD 261M in AUM.
Clients benefited from enhanced diversification options and a more seamless investment experience.
This initiative exemplifies how UnionBank reimagines banking to uplift lives—using innovation and strategic partnerships to unlock new capabilities, deliver customer value, and build a future-ready wealth management platform.
