HSBC Works as Supervising Bank to BVF1

Bao Viet Fund Management (BVFMC) has recently chosen Hong Kong and Shanghai Banking Corporation (HSBC) as a supervising bank to its first member fund called BVF1.

 

According to Dang Thi Hong Phuong, BVFMC’s director, the move is to promote the transparency and efficiency of the fund’s operations although as regulated member funds are not required to have supervising banks.

 

BVF1 is the first member fund with capital scope of VND500 billion which BVFMC has ever called capital for. “Six investment organizations including Bao Viet Life, Bao Viet Vietnam and some other insurers have pledged to contribute sufficient amount of VND500 billion into BVF1,” added Phuong.