VietNamNet Bridge – Watchdog agencies have every reason to believe that the first open-end investment fund would make debut on the stock market this year. Earlier this year, right after the Circular No. 183 guiding the establishment and management over open-end funds took effects, the Vietnam Fund Management Joint Stock Company (VFM) applied for the establishment of an index fund – VN30. However, according to the State Securities Commission (SSC), VFM designed its product in accordance with the operation principle of an index fund, which is similar to that of exchange traded fund ETF, while the legal framework for the products has yet taken shape. Therefore, SSC then asked VFM to make some changes with the plan. The reason, together with some other factors, have delayed the establishment of the VFM’s VN30 fund. Currently, VFM is preparing to shift one of the close-end fund it is managing into an open-end fund. A senior official of SSC has also revealed … [Read more...] about Vietnam to welcome first open-end fund in 2012
Open end investment companies
VietNamNet Bridge – Despite the dark days of the stock market, more and more open end investment funds have been set up. However, it’s still too early to say about their performance. According to the State Securities Commission (SSC), in the first half of the year alone, the watchdog agency granted license to four open end funds, while it is considering licensing five more in the time to come. It is expected that 15-20 such funds would be set up in 2013. As such, Vietnam has had 47 fund management companies so far, 18 securities investment funds, 8 investment funds which are following the procedures to get dissolved and 26 operational representative offices. It is quite a surprise that Vietnam still witnesses the investment fund boom in the context of the gloomy stock market. The number of fund management companies reportedly decreased significantly in the first six months of the year. Some left the market in different ways: one is following the procedures to get … [Read more...] about Will Vietnamese stock market benefit from open-end fund boom?
VinaWealth introduces opened-ended investment fund Thanh Thuong By Thanh Thuong - The Saigon Times Daily HCMC – VinaWealth Fund Management JSC (VinaWealth) has introduced Bao Thinh VinaWealth Enhanced Fixed Income Fund (VFF) under its management as an opened-ended bond investment fund. VinaWealth is backed up by VinaCapital group as a majority stakeholder of 49%. At the road show on the fund’s operation in HCMC on Tuesday, Dang Vi Thanh, head of Retail Sales of VinaWealth, said 80% of the fund’s portfolio is set aside for bond investment, focusing on government bonds or government-guaranteed papers. VinaWealth also invests in treasury bills, corporate bonds, money market investments and other instruments. HSBC Vietnam is active as the supervisory bank, transfer agent and fund administrator while Saigon Securities Inc. (SSI) is in charge of distributing the fund units. Roy Fong, Fixed Income Director of VinaWealth, said VFF’s target is to reach a profit rate … [Read more...] about VinaWealth introduces opened-ended investment fund
Eastspring Investments launches first open-ended fund Hong Phuc By Hong Phuc - The Saigon Times Daily HCMC – Eastspring Investments Fund Management Company announced on Tuesday to start selling fund certificates of its first open-ended and multi-asset investment fund, Eastspring Investments Fund (ENF), from December 24. Under the current regulations, 90 days or less after the initial public offering (IPO), if ENF manages to mobilize at least VND50 billion and attract at least 100 investors excluding professional ones, it can get a license from the State Securities Commission for official operation. “We aim at raising investment capital in a stable and sustainable manner by diversifying assets in the portfolio including shares, bonds and bank deposits,” said Nguyen Minh Tung, business development director of the fund manager, said at the launching ceremony on Tuesday. ENF expects to invest in shares listed on the two local exchanges, government bonds, … [Read more...] about Eastspring Investments launches first open-ended fund
Open-ended SSI-SCA fund starts operation Hong Phuc By Hong Phuc - The Saigon Times Daily HCMC – SSI Sustainable Competitive Advantage Fund, or SSI-SCA, will start operation on October 9 after having raised nearly VND112 billion from its initial public offering a month ago. SSI Asset Management Limited Company (SSIAM), the manager of SSI-SCA, said on Tuesday the fund has obtained the business registration certificate allowing it to start operation. On October 8, investors were able to place a minimum purchase order worth VND2 million for fund certificates. SSI-SCA is an open-ended fund, which is the first of its type managed by SSIAM. The new fund must pay 1.5% of its net asset value (NAV) a year on management fee, 0.03% of NAV a year on custodian service and other smaller fees. According to a statement from SSI Company, SSI-SCA will have a balance portfolio, pouring capital into shares after carefully studying macroeconomic issues and the domestic market. SSI-SCA will … [Read more...] about Open-ended SSI-SCA fund starts operation