Malaysian investment holding company Valuecap has announced plans to exit the third-party asset management business.
The company operates two wholly-owned licenced asset management subsidiaries, VCAP Asset Managers (VCAM) and i-VCAP Management (i-VCAP).
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As part of its exit plan, Valuecap seeks to divest or shut down the two subsidiaries. Other strategic options are also under consideration.
Currently, VCAM and i-VCAP manage wholesale funds, while i-VCAP portfolio also includes exchange traded funds (ETFs).
Both the subsidiaries have proposed to shutter their wholesale funds operations.
On the other hand, i-VCAP’s ETF operations might be transferred to another licenced fund management company.
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By GlobalDataIn a statement, Valuecap said that any decision taken will be implemented after regulatory nod.
The statement added: “In the interim, VCAM and i-VCAP will keep clients and unitholders informed of any developments on this matter as and when updates are available.
“The Group will also work closely with the relevant authorities during this period to ensure the exercise follows due process and complies with all regulatory requirements.”
ValueCAP was incorporated in 2002 as an investment holding company. The company is equally owned by Khazanah Nasional Berhad, Kumpulan Wang Persaraan (Diperbadankan), and Permodalan Nasional Berhad.
It started operating in 2003 to manage proprietary investments. According to the company’s website, its assets under management (AUM) crossed MYR17.2bn ($4.15bn) in 2010.
