UOB Asset Management (UOBAM), a subsidiary of United Overseas Bank, has concluded the acquisition of VAM Vietnam Fund Management Joint Stock Company.
The all-cash deal, which was first announced in December 2019, is valued at VND113,680m.
Established in 2009, VAM offers investment management advisory and services to institutional and individual investors via solutions including corporate structured funds and segregated accounts.
As of 31 October 2019, the company had a net asset value of around VND26bn ($1.1m) and assets under management of approximately VND114bn ($4.9m).
Led by Thieu Thi Nhat Le, VAM will be a subsidiary of UOB Asset Management. It will be rebranded as UOB Asset Management (Vietnam) Fund Management Joint Stock Company, subject to regulatory nod.
UOBAM group CEO Thio Kiat remarked that the new Vietnam office will complement the company’s broader strategies in Asean equity and fixed income funds and investment mandates.
The purchase strengthens the Singapore-based fund manager’s presence in Asia, in line with its regionalisation plans.
At present, UOBAM has a presence in eight Asian markets, including Brunei, mainland China, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand, in addition to Vietnam.
As of 31 December 2020, UOBAM and its subsidiaries manage about S$35.6 bn in clients’ assets.
Recent moves by UOBAM
In July last year, UOBAM introduced a robo-advisory app for retail investors in Singapore.
The app, dubbed UOBAM Invest, is designed to enable users to invest in personalised and dynamic portfolios based on personal risk profiles and financial goals.
In 2018, UOBAM signed an agreement to acquire a 75% stake in Indonesian rival PT PG Asset Management from PT Multikem Suplindo.
In 2017, UOBAM teamed up with T. Rowe Price, a US-based asset manager, to allow retail investors in Singapore to tap into technology fund.