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VietNamNews

Commission certifies open-ended fund

Update: December, 27/2013 - 09:14
The first trading date of the VCBF Tactical Balanced Fund will be January 2.— Photo dautuchungkhoan

HCM CITY (VNS) The State Securities Commission (SSC) has officially granted Vietcombank Fund Management (VCBF) a certificate to register and establish the VCBF Tactical Balanced Fund.

The first trading date of the VCBF Tactical Balanced Fund will be January 2.

The VCBF Tactical Balanced Fund is the first open-ended fund from VCBF which is a joint venture of Vietcombank and Franklin Templeton Investments, a leading global fund management company.

It is also the first open-ended fund in Viet Nam that will invest in both equity and fixed-income securities.

The fund's benchmark return is the average of the VN-Index change and 10-year government bond return.

"We had a relatively short IPO period of just six weeks ending successfully on November 29, and raised nearly VND61 billion (US$2.9 million) from a total of 290 investors," said Avinash Satwalekar, the management firm's CEO.

"We believe now is the good time to invest in Viet Nam as equity valuations are very reasonable when compared to the growth opportunities. As the Vietnamese economy stabilises, we expect these growth opportunities to accelerate," he added.

Meanwhile, fund management company Eastspring Investments Viet Nam, owned by life insurer Prudential Viet Nam, began on December 24 selling five million units for its open-ended Eastspring Viet Nam Navigator Fund. Buyers will pay the at par price of VND10,000 ($0.47). — VNS

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