UOB Asset Management Strengthens ASEAN Presence through Acquisition in Vietnam
UOB Asset Management Ltd (UOBAM) has announced that it is strengthening its presence in ASEAN through its latest expansion into Vietnam.
The asset management firm has completed the acquisition of VAM Vietnam Fund Management Joint Stock Company (VAM VN), which will be renamed UOB Asset Management (Vietnam) Fund Management Joint Stock Company, subject to regulatory approval, the firm said in a press release.
Founded in 2009, VAM VN has been providing investment management advisory and services to institutional and individual investors through solutions such as corporate structured funds and segregated accounts1. With the latest addition of Vietnam to its regional network, UOBAM now has presence in nine markets across Asia, namely Brunei, mainland China, Indonesia, Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam, says the firm.
Vietnam’s strong economic growth, young population and supportive regulatory environment are conducive for the local asset management industry to thrive. According to UOBAM’s analysis, the country’s onshore mutual funds saw a compounded annual growth rate of more than 75 per cent in assets under management from 2016 to end-September 2020.
Thio Boon Kiat, Group CEO, UOBAM, said: “Vietnam is a rising star in ASEAN and we are pleased to be able to bring our suite of fund solutions to local institutional and individual investors. The expertise of our new Vietnam office will also complement our broader strategies in ASEAN equity and fixed income funds and investment mandates, enriching our product offering for investors and creating more collaboration opportunities with partners across Asia.”
In integrating VAM VN into its regional network, UOBAM will provide knowledge transfer in areas such as sustainable investments, smart beta2 and multi-asset strategies, as well as share best practices across the front-, middle- and back-office functions. These include the adoption of technologies, such as data analytics and artificial intelligence, in operational processes and product distribution channels to serve the needs of Vietnam’s digitally-savvy investors.
Thieu Thi Nhat Le, CEO, VAM VN, UOBAM’s new Vietnam subsidiary, said: “Our goal is to become one of the leading asset management firms in Vietnam within the next five years. Backed by the strong reputation and track record of UOBAM and UOB Group, we will enhance our investment capabilities to serve the growing needs of Vietnam’s investors better. We are also committed to developing local talent and in turn contribute to the progress of the country’s asset management industry.”