ACE Life launched in Viet Nam on June 19 its first fund management company in Asia. — VNS File Photo

HCM CITY (Biz Hub) — US insurer ACE Life launched in Viet Nam on June 19 its first fund management company in Asia to support its expansion and growth strategies.

ACE Life Fund Management Company (ACE Life FMC), situated in HCM City's District 1, will manage funds and offer portfolio management and investment advisory services.

The setting up of FMC marks another milestone in the company's long-term commitment to Viet Nam.

"The recent development of Viet Nam's financial market shows many opportunities for the growth in the fund management industry," Lam Hai Tuan, chairman and country president of ACE Life Viet Nam, said.

"The new company will enable ACE Life to develop pension products to participate in the voluntary pension scheme.

"It will also support the development of other investment-linked insurance products to diversify its product categories to provide more choice and better service for customers."

With one of the new company's main tasks being effectively managing the increasing assets of ACE Life in Viet Nam, it will initially focus on the insurance company's portfolio. — VNS