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The full licence for the establishment of ACE Life Fund Management Company (ACE Life FMC) in Vietnam was awarded to ACE Life Insurance Co., Ltd. (ACE Life Vietnam) at a welcome reception hosted yesterday by Vietnam’s Ministry of Foreign Affairs in conjunction with the US-ASEAN Business Council’s (USABC) first Board of Directors meeting in Hanoi.
The licence, issued after three months since the in-principle approval given by Vietnam President Truong Tan Sang during his official visit to the US in July 2013, earmarks significant development for the ACE Group and ACE Life Vietnam, as well as reflects the fast developing economic ties between Vietnam and the US, as dubbed by Vietnamese government officials and USABC executives participating at the event.
The State Securities Commission chairman Vu Bang (right) hands over the licence
to ACE Life Vietnam chairman and country president Lam Hai Tuan (left).
“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,” said Kevin Goulding, regional president of ACE Life 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,” he added.
Headquartered in Ho Chi Minh City, ACE Life FMC aims to demonstrate ACE Life’s increasing responsibility to its customers, while optimising 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 individual and institutional investors.
“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,” said Lam Hai Tuan, ACE Life Vietnam chairman and country president.
“We believe 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,” Tuan said.
Operating in Vietnam since 2005, ACE Life has gained sustained rapid growth with total assets exceeding 2,000 billion VND ($95 million). ACE Life Vietnam offers a comprehensive array of quality life insurance products to meet the needs of financial protection and security of a broad range of customers. The company pioneered the introduction of the Universal Life plan to the local market in March 2006. Since then, it has developed a full range of Universal Life products.
ACE Group is one of the world’s largest multiline property and casualty insurers with operations in more than 50 countries. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.