Deutsche Bank is new supervisor to Vietnamese open-ended fund
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Deutsche Bank is new supervisor to Vietnamese open-ended fund 25 June 2013Ho Chi Minh City Reporter: Georgina Lavers
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The Ho Chi Minh City branch of Deutsche Bank 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—a large commercial bank in Vietnam—Vietfund Management is now a leading fund management company in Vietnam with approximately $200 million of AUM. ??
??Mrugank Paranjape, Asia Pacific head of trust and securities services and cash management for financial institutions in the global transaction banking business at Deutsche Bank, added: “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.”
??The bank’s Ho Chi Minh City branch was recently awarded a merit of excellence for its cooperation with Vietnam's State Securities Commission, in part for its contributions towards the establishment of accounting guidelines for Vietnam’s open-ended funds.
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