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Raising funds proves to be impossible mission for now
The gloomy Vietnamese stock market and the global economic crisis are the two large rocks that hinder investment funds to call for capital. However, more and more new funds still appear every day on the market.
Management companies still cannot raise funds
In August, the Saigon Asset Management Company (SAM) announced it was calling capital for the fund which would inject money in the energy sector.
The representative of the company revealed that the fund would have the total investment capital of 300 million dollars, but he was very careful with his words, saying that it would be not easy to mobilize capital in the context of the global financial difficulties.
DC, a well-known investment fund on the Vietnamese market, is also facing difficulties, as it incurred the loss of 100 million dollars just after the first six months of the year.
The decreases of the stock prices have led to the sharp falls of the net asset values of the funds. Therefore, it is really an impossible mission to raise new funds at this moment.
The amount of 300 million dollars, or 6300 billion dong, that SAM is seeking is really a big amount in the current circumstances. 6300 billion dong is equal to the value of 10 trading sessions of the HCM City Stock Exchange (HOSE) on the first days of November. The amount is even bigger than the capitalization value of the Saigon Securities Incorporated (SSI), which is listed among the shares with the highest capitalization values on the market.
The plan of SAM reminds people of the company’s announcement to establish the 100 million dollar Vietnam Smart Money Fund in 2009. However, to date, the fund has not come out yet.
In some cases, fund management companies establish new funds under the mode of open funds, which purchase the investment portfolios of the close funds also managed by the same companies. Since these are the open funds, investors can withdraw capital easily. Though the funds can be considered as new funds, but in fact, the funds cannot attract more capital
The future not clear
One month ago, VinaCapital said that it would seek capital for the bond fund and private investment fund in 2012. Meanwhile, some other fund management companies also said they were considering setting up the funds which will invest in the food industry.
A head hunter has also revealed that he is seeking high ranking managers to prepare for the establishment of a pension fund.
Despite the current big difficulties, management companies are still moving ahead with their plans to set up new funds. However, it is still early to say about the future.
A finance expert said that there are too many challenges for investment funds. The stock market remains gloomy, which is not a favorable condition for management companies to set up funds at this moment. Besides, the companies themselves also have their problems, including the bad corporate governance.
Therefore, it seems that investors nowadays are afraid of injecting money in investment funds. They will only accept to pour money into open funds, which allow them to withdraw capital at any times, or pour money into ETF funds which target the shares with big capitalization values.
The finance expert said that there always exists a wall which separates management companies and investors–the confidence.
Deputy General Director of a big securities company said that the statements of management companies to set up new investment funds at this moment, just simply serves the polishing of the image of the companies in the current difficult period.
He went on to say that if the management companies cannot manage to escape from the current problems, they will have to close the funds soon.
Some experts have predicted that the portfolio capital to Vietnam may decrease by 3-4 billion dollars by 2015.
VIETNAMNET, Doanh nhan Saigon
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