UOB Asset Management to acquire Vietnam-based fund manager for $4.9m

UOB in Singapore. Credit: United Overseas Banking Group

UOB Asset Management (UOBAM), a wholly owned subsidiary of United Overseas Bank, is acquiring a 24.5 per cent stake in VAM Vietnam Fund Management, according to a regulatory filing by the former.

VAM Vietnam was established in 2006 and primarily invests in public equities. It also makes investments in convertible debt and other equity‐linked instruments.

The Singapore-based fund manager said it will purchase nearly 1.3 million shares of VAM Vietnam from Nguyen Xuan Minh, co-founder and chairman of the Vietnam-based company.

Upon completion of the initial acquisition, which is subject to regulatory approvals in Vietnam and Singapore, UOBAM will acquire a further 3.47 million ordinary shares of VAM Vietnam, or approximately 75.5 per cent of the issued share capital of the firm, which will turn VAM Vietnam into a subsidiary of UOBAM.

The cash consideration for the transaction is S$6.7 million ($4.9 million).

“The consideration was arrived at on a willing-buyer-willing-seller basis and took into account various factors including the capital, net asset value and assets under management of VAM Vietnam,” UOB said in a statement.

VAM Vietnam had a net asset value of S$1.53 million, and assets under management of S$6.72 million as of 31 October 2019.

“The acquisition will further strengthen UOBAM’s Asian franchise and presence, and is in line with UOBAM’s regionalisation plans,” the Singapore firm added.

UOBAM managed 54 unit trusts in Singapore and about S$35 billion in clients’ assets as of 30 September 2019.

The firm earlier announced the acquisition of a 75 per cent stake in Indonesia-based PT PG Asset Management in September. In June, it launched the United Global Innovation Fund to enable retail investors to invest in innovative enterprises of different market capitalisation across sectors and regions.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.