ACE opens Asia management branch
ACE Life Insurance Co Ltd, part of the ACE Group which is a global leader in insurance and reinsurance, has announced the establishment of its first fund management company in Asia.
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| A full license was granted for the ACE Life Fund Management Company (ACE Life FMC) by the State Securities Commission of Viet Nam on Monday. — File Photo |
A full license was granted for the ACE Life Fund Management Company (ACE Life FMC) by the State Securities Commission of Viet Nam on Monday. Finalization of the licensing process comes three months after the company received an approval in principle for its establishment during the visit of President Truong Tan Sang to the US in July 2013.
Headquartered in HCM City, the founding of ACE Life FMC underscores ACE Life's increasing responsibility to its customers, while optimizing results of its investment activities. AFMC also helps to achieve ACE Life's objectives to benefit customers and Viet Nam's growing economy by developing pension products and unit-link products; enhancing professional investment activities; raising funds and attracting investment from individual and institutional investors.
Kevin Goulding, Regional President, ACE Life Asia Pacific said, "We are excited to establish our first fund management company in Asia – ACE Life Fund Management Company. The country is one of the fastest growing economies in Asia and plays a critical role in our innovative growth initiatives across Asia Pacific. This is a milestone for ACE Life as the fund management company will help enhance our local business operations and demonstrate our commitment to investing in Vietnam while concurrently delivering more value to our customers."
On this special occasion, Lam Hai Tuan, Chairman and Country President, ACE Life Vietnam said, "Besides the strong support from ACE Life Vietnam in terms of capital, management experience and manpower, ACE Life FMC will also receive valuable support from the ACE Group with its global expertise in insurance, reinsurance and asset management. We believe that the ACE Life FMC will provide domestic and foreign long-term investors with various attractive offerings through the establishment and management of different types of funds, including pension funds. This will contribute to supporting one of the Vietnamese government's major proposals, and help improve and enrich the capital market in Vietnam."
Operating in Vietnam since 2005, ACE Life has gained sustained rapid growth with total assets exceeding VND2 trillion (US$95 million). The establishment of ACE Life FMC is an important event which proudly marks a significant development for the ACE Group and ACE Life Vietnam. It also contribute to increasing investment and trade relations between Viet Nam and The US. — VNS
