Jul 02, 2013
Deutsche Bank AG, Ho Chi Minh City branch today announced that it has been appointed custodian, supervisory bank and fund administrator by Vietfund Management for its Vietnam Bond Fund (VFMVFB), one of Vietnam’s first open-ended funds. Deutsche Bank will also provide transfer agency services for the bond fund, which includes data processing of all applications subscriptions, redemptions and switches as well as reporting services for VFMVFB.
Initially established as a joint-venture company between a British investment firm and Sacombank − one of the largest commercial banks in Vietnam − Vietfund Management is now a leading fund management company in Vietnam with approximately US$200 million* of assets under management.
Mr. Pham Khanh Lynh, Deputy CEO of Vietfund Management JSC said: “We chose Deutsche Bank for their ability to understand our needs and to find the right solution for us. They were able to show us that they have the capabilities and the expertise in providing world-class fund services, and we believe that the level of support we have received from their client service team is unparalleled in the market. We are pleased with our choice.”
Mrugank Paranjape, Asia Pacific Head of Trust & Securities Services and Cash Management for Financial Institutions, Global Transaction Banking at Deutsche Bank, added: “We are honoured to be chosen by Vietfund Management to provide custody, fund administration and transfer agency services, and to act as supervisory bank for its new open-ended fund. Vietnam represents an important part of our long-term growth strategy in the ASEAN region, and this mandate further cements our leading position in Vietnam’s fund services industry.”
Deutsche Bank AG, Ho Chi Minh City branch was recently awarded a Merit of Excellence for its cooperation and collaboration with Vietnam's State Securities Commission in advancing professional works in 2012. The Bank was awarded this Merit for its contributions towards the establishment of accounting guidelines for Vietnam’s open-ended funds as well as its proactive participation in the development of new products for the local fund management industry.
Part of its Global Transaction Banking division, Deutsche Bank’s Direct Securities Services business has approximately EUR 1.5 trillion of assets under custody globally and an operational presence in 33 global markets − 14 of which are in Asia.
Re-disseminated by The Asian Banker