BNP Paribas backs Dragon Capital’s 'World First' UCITS Vietnam Fund

Fund distributors among the main beneficiaries.

In a release, BNP Paribas Securities Services, a global custodian with almost USD8 trillion in assets under custody, today announced that it successfully supported the launch of Dragon Capital’s world first UCITS-compliant, actively managed Vietnam equity fund.

Dragon Capital is one of the largest fund managers in the IndoChina market with around USD1bn in assets under management including equities, private capital, fixed income and real estate. In September, it launched the first actively managed UCITS equity fund that gives international investors exposure to Vietnam’s blue-chip companies.

Following a competitive tender, BNP Paribas Securities Services designed and rolled-out a tailor-made fund solution including global custody, fund accounting, transfer agency and trustee services, for Dragon Capital’s Dublin-domiciled Vietnam fund.

Dominic Scriven, chief executive officer at Dragon Capital, said: “This is an exciting time for the fast growing IndoChina region. Our strategy for aggressive regional and international expansion is possible because we work with partners like BNP Paribas who provide us with the essential support, scalability and flexibility that suit our ongoing growth plans."

Mostapha Tahiri, head of BNP Paribas Securities Services Singapore, who is also the bank’s Asia head of asset and fund services, said: “We are delighted to have been selected to be Dragon Capital’s service provider for this groundbreaking deal. We worked closely with them to create an innovative frontier market operating model.

Their fund distributors will also benefit from consistent service and fast turnaround time from our local client support team and global specialists who understand the needs of Asian fund managers. We look forward to helping Dragon Capital grow their assets as they expand around the region and then to Europe.”