Fund management firms suffer losses
HA NOI (VNS)— Recent statistics from the State Securities Commission showed that about half of the fund management companies were suffering from aggregated losses.
Of the 47 fund management companies, seven had halted their operations or were put under special control, while 23 companies - equal to half of the rest - were incurring aggregated losses.
Two of the companies showing losses were Manulife Viet Nam and Vinawealth, according to Dau Tu Chung Khoan (Securities Investment) newspaper.
Manulife Viet Nam reported an accumulated loss of VND25 billion (US$1.19 million) as of September 30, 2013, while its charter was only VND53 billion ($2.5 million).
The accumulated loss of Vinawealth was VND26.5 billion ($1.2 million), as of June 30, 2013, equivalent to more than half of its VND40 billion ($1.9 million) charter capital.
Besides Manulife Viet Nam and Vinawealth, 21 unprofitable fund management companies are small scale organisations and are little known in the market.
The State Securities Investment also asked 20 out of 104 securities companies to implement compulsory restructuring.— VNS