SINGAPORE (THE BUSINESS TIMES) – UOB Asset Management (UOBAM) announced on Monday (Jan 18) that it has completed the acquisition of VAM Vietnam Fund Management Joint Stock Company first reported over a year ago, in a move that will rev up its presence in Asean.

The entity will be renamed UOB Asset Management (Vietnam) Fund Management Joint Stock Company, subject to regulatory approval.

It was earlier announced in December 2019 that the Vietnam firm was acquired for a cash consideration of 113.68 billion dong (S$6.7 million). As at Oct 31, 2019, its net asset value was about 26 billion dong and it had assets under management of around 114 billion dong.