14:54 | 29/10/2013 Companies
(VEN) - October 29, 2013, ACE Life Insurance Co., Ltd. (ACE Life Vietnam), part of the ACE Group, the global leader in insurance and reinsurance, announced the establishment of its first fund management company in Asia, ACE Life Fund Management Company (ACE Life FMC).
Mr. Lam Hai Tuan - Chairman and Country President of ACE Life Vietnam received the license of ACE Life Fund Management Company from Mr. Vu Bang - Chairman of State Securities Commission
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 United States in July 2013.
Headquartered in Ho Chi Minh 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 Vietnam’s growing economy by developing pension products and unit-link products; enhancing professional investment activities;raising funds and attracting investment from inpidual 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. 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, “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, includingpension funds. This will contribute to supporting one ofthe 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 VND2,000 billion (USD 95 million)./.