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Author Topic: Pacquiao appoints US fund manager for his millions  (Read 780 times)

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Pacquiao appoints US fund manager for his millions
« on: July 09, 2008, 06:46:22 AM »
By Ronnie Nathanielsz

RING idol Manny Pacquiao has hired a fund manager to invest his money and make sure he makes enough to live well when he goes out to pasture, his business manager says.

“We are working on investments that would be able to support Manny’s lifestyle when he retires,” said Eric Pineda, who has been responsible for multi-million-peso endorsements and deals for the Pacman.

He says some big-ticket investments are in the pipeline, but he could neither talk about them nor reveal the name of the fund manager, a foreign company. And he would not say if Pacquiao would be moving away from property and entering the world of stocks and bonds, mutual funds and commodity futures—assuming he has the money for those.

To be sure, Pacquiao has made millions of pesos out of winning the crown in four weight divisions. Most recently, he earned $3 million after beating Mexican-American David Diaz, the World Boxing Council’s lightweight champion, in Las Vegas on June 28—apart from his share of pay-per-view, TV rights and other income.

And so far, most of his investments have been in property.

Last year, Pacquiao bought the old L&M Gym in Manila from boxing manager and trainer Lito Mondejar for P8 million, and for sentimental reasons.

“Nobody would have bought that property considering its location,” Pineda said of the rundown gym that was home to Pacquiao when he trained for the WBC flyweight title and subsequent fights. He says Pacquiao usually stops over on his way to the airport to take a few shots at the heavy bag, say a prayer and leave. It’s a ritual he has only missed once: during his first fight with Juan Manuel Marquez that ended in a draw.

Pacquiao plans to build a seven-story structure on the site with ground-floor parking, a modern gym on the second floor, and dormitories for students on the next five floors, Pineda says.

Right now, a two-story building owned by his wife Jinkee is nearing completion in General Santos, Pacquiao’s hometown, where he owns two houses including a P35-million mansion, some apartments, and a sprawling seven-hectare farm in Saranggani province. (This farm is where the Filipino champion breeds his roosters, though Pineda says his cockfighting days might be over because he has been selling his roosters or giving them away to friends.)

The Pacquiaos also own a modest two-story home in the BF Homes complex in Parañaque and a large home in Brentville, where his two sons are studying. His only investment in the US is a 10-door apartment in Los Angeles, though he would have added another if a plan to buy a house near the Wild Card Gym for a reported $1.6 million had not been scrapped.

But with his decision to hire a fund manager to take care of his money, perhaps Pacquiao need no longer invest in property to make sure he won’t be wanting once he hangs up his gloves.


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