ACE Life, the global life insurance division of ACE Group, on June 19 announced the opening of its first fund management company in Asia, ACE Life Fund Management Company (ACE Life FMC), headquartered in Ho Chi Minh City.
To support ACE Life’sexpansion and growth strategy locally, ACE Life FMC will operate mainly in the securities sector with three main business lines, including: investment fund management, portfolio management service and investment advisory service. The start of ACE Life FMC’s operations marks another significant milestone in the company’s long-term confidence and commitment to Vietnam.
Lam Hai Tuan, Chairman and Country President of ACE Life in Vietnam, said: “The recent development of Vietnam’s financial market shows many opportunities for the growth in the fund management industry. The opening of ACE Life FMC proves ACE Life’s commitment to grow the Vietnam’s economy via contributing more in mobilizing the domestic capital as well as attracting foreign investment capital into the country.Supported and promoted by the Vietnamese government, ACE Life FMC will enable ACE Life to develop pension products to participate in the voluntary pension scheme. It will also support the development of other investment-linked insurance products to diversify its product categories to provide more choices and better service for customers”.
One of the main objectives of ACE Life FMC is to effectively manage the increasing assets of ACE Life in Vietnam. Hence, in the initial phase of its development, ACE Life FMC’s strategy is to primarily focus on managing ACE Life’s portfolio through its investment management service of the Life Insurance Fund of ACE Life in Vietnam.
In the next phase, when the company grows its workforce, ACE Life FMC aims to expand its business scope, including: Focusing on fundraising and asset management for ACE Group as well as other investors, including foreign and domestic individuals and institutional customers; Attracting and mobilizing capital to establish securities investment fund; and Managing different portfolios and other permissible types of transactions.
After more than nine years operating in the Vietnam’s life insurance market, ACE Life has sustained rapid growth with its total assets exceeding 2,700 billion VND (approximately US$128 million) which has been steadily increasing over the years.
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Đăng ký: VietNam News