UOB Asset Management (UOBAM) is strengthening its presence in the Asean region through the completion of its acquisition of VAM Vietnam Fund Management Joint Stock Company (VAM VN). With the latest addition of Vietnam to its regional network, UOBAM now has presence in nine markets across Asia – Brunei, mainland China, Indonesia, Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam.
Founded in 2009, VAM VN provides investment management advisory and services to institutional and individual investors through solutions such as corporate structured funds and segregated accounts. The firm will be renamed UOB Asset Management (Vietnam) Fund Management Joint Stock Company, subject to regulatory approval.
Vietnam’s strong economic growth, young population and supportive regulatory environment are conducive for the local asset management industry to thrive, UOBAM says in a statement. The country’s onshore mutual funds saw a compounded annual growth rate of more than 75% in assets under management from 2016 to end-September 2020.
Thio Boon Kiat, group chief executive officer of UOBAM, comments: “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 says, it will provide knowledge transfer in areas such as sustainable investments, smart beta 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 of VAM VN, says the company aims to become one of the leading asset management firms in the country 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,” she adds.