The company recently launched the third retail mutual fund in the market, which is targeting a December listing date.
Manulife Vietnam Fund Management Company is among the latest to test the waters in
In July, the company launched the Manulife Progressive Fund. That was only the third closed-end, retail mutual fund to be offered in
But for David Wong, general manager at Manulife
“In 2006, we saw the changes in the stock market and the changes in the society, especially among the middle class. People were investing more, especially in the stock market and in real estate,” says Ho Chi Minh City-based Wong. “We felt that it was a good time to start our own retail mutual fund.”
Since mutual funds are such a new concept in
“Retail investors in
As one of the first movers in
that could be available to them,” says Mark Canizares, Ho Chi Minh City-based investment director at Manulife
“We have gone around the country to talk about the fund and mutual funds in general and you can see from the type of questions they ask that many of them are generally not yet ready to embrace investing in funds. Some were asking who would get the fund when they die, clearly mistaking the fund to be some kind of an insurance product,” he adds.
Wong says Manulife
“We had to start somewhere,” he says. “We need to get the experience, learn the process, and study the investment behaviour of retail investors.”
The company is in talks with other fund management companies outside Vietnam for potential third-party fund management, and this is something Wong is keen on pursuing. He declined to elaborate as talks are ongoing.
“We have a local team here in