Total assets under management (AUM) by the various banks rose 23.58 percent to P1.65 trillion at the end of the first half 2009 from the P1.34 trillion registered in the same period last year.

Based on an industry report, Banco De Oro Unibank, Inc., through its Trust and Investments Group (TIG), captured the top spot at the end of June 2009 as it accounted for 25.15 percent of the total or P414.99 billion.

The bank said its AUM as of the end of the first half of 2009 increased 22.7 percent from the end-December 2008 level of P338.173 billion.

BDO currently offers nine unit investment trust funds (UITFs) catering to both individual and corporate clients and three other types solely for corporate clients.

A UITF is an open-ended pooled trust fund denominated in any acceptable currency. It is operated and administered by a trust entity.

Meanwhile, Bank of the Philippine Islands (BPI) was ranked number two with P367.21 billion; followed by Metropolitan Bank & Trust Company with P201.85 billion; and Standard Chartered Bank with P128.76 billion; Fifth was China Banking Corporation with P63.58 billion; followed by ING Bank N.V. (Manila Branch) with P57.50 billion; Land Bank of the Philippines with P57.47 billion; Rizal Commercial Banking Corporation with P52.61 billion; Deutsche Bank AG P42.25 billion; and Hongkong & Shanghai Banking Corporation with P41.80 billion.

Other trustee banks accounted for AUMs amounting to P222.36 billion, the report added.

Under the local setup, trust funds are managed by banking institutions with licenses issued by the Bangko Sentral ng Pilipinas (BSP).

Non-bank asset management companies operate mutual funds and are regulated by the Securities and Exchange Commission (SEC).