Japan-based Dai-ichi Life Insurance Company has established a fund management subsidiary in Vietnam following the receipt of approval from the local government.

The new firm, Dai-ichi Life Vietnam Fund Management, has commenced business in equity portfolio and fund management and investment advice with initial capital of JPY120 million (US$1.16 million).

The new fund management business aims to strengthen products development, asset management and insurance investment for the life insurer.

The new entity will be run by Dai-ichi Life Insurance of Vietnam chairman and president, Takashi Fujii, alongside a staff of ten.

Dai-ichi Life is also planning to expand its share in the domestic life market and to accelerate the expansion of its overseas life businesses.

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