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Vietcombank unveils new mutual fund

Update: October, 15/2013 - 09:15

HCM CITY (VNS)  — Registration for buying Vietcombank Fund Management's Tactical Balanced Fund, opened yesterday.

The open-ended fund got an IPO license from the State Securities Commission last month, and can be bought at Vietcombank's HCM City branch and at Vietcombank Securities and Sai Gon Securities Joint Stock Company.

The minimum investment is VND5 million and subsequently in increments of VND1 million.

Deutsche Bank AG's HCM City branch will manage the issue, providing supervisory, custodial, and other services.

TBF is the first open-ended mutual fund from VCBF, a joint venture between Vietcombank and global fund management company Franklin Templeton Investments.

It will also be the first to invest in both equity and fixed income securities.

The fund plans to invest in stocks, mainly those with large market capitalisation, government bonds, municipal bonds or bonds guaranteed by the Government, and high-quality listed corporate bonds, VCBF said in a release.

"We believe VCBF Tactical Balanced Fund provides investors with a unique opportunity to participate in the growth of the Vietnamese economy through an investment strategy that is focused on creating long-term wealth by balancing the risks and rewards," Avinash Satwalekar, CEO and CIO of VCBF, said.

"The current low-interest rate environment coupled with the growth-oriented economic policies initiated by the Vietnamese government have created an extremely favorable investment environment for the fund."

The issue closes on November 29. — VNS

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