UBSAM, Vietcombank Sign Strategic Asset Management Deal

UBS Global Asset Management of Switzerland, one of the world’s biggest financial institutions, and the Foreign Trade of Vietnam (Vietcombank) on Apr 2 signed a framework agreement on asset management.

 

John Fraser, UBS Global Asset Management President and CEO said Vietnamese individuals, businesses and organizations will be able to invest in other markets through Vietcombank in various forms of bonds, shares or mandatory investment.

 

UBSAM selected Vietnam as the 25^th country to deploy its asset management service, because of the ASEAN country’s improved role in boosting the Asia Pacific region’s economic development and the growing transparency of its mechanism and policies, John Fraser emphasized.

 

Under the agreement, Vietcombank will be UBSAM’s exclusive agent providing investment services, including trusted management and distribution of foreign fund certificates, in Vietnam for the first two years.

 

UBSAM will assist Vietcombank in personnel training and technology transfer related to asset management.

 

The partnership deal with UBSAM will help boost property management services in Vietnam, Phan Huu Thang, head of the Ministry of Planning and Investment’s Foreign Investment Department said, with the surging economy and stock market, a “golden chance” for the service will come in near future.

 

UBSAM is rated among the world’s top ten property investment managers.

 

As of 2007, UBSAM’s total assets reached US$710 billion. (Local source)