By Park Hyong-ki
Staff Reporter
Domestic asset management companies are accelerating their global businesses in Asia's emerging markets.
Korea Investment Trust Management said an international team led by its Korean and Hong Kong chief investment officers has been established in Hong Kong.
The company said it is working around the clock to introduce new fund products to global investors to invest in equities of Asian countries _ beyond China _ with a rosy growth potential.
``The CIO team from Hong Kong is set to release a variety of funds focused on Asian equity markets by early next month,'' said Jenny Lee of the firm.
Before its advancement to the Asian hub, the asset management firm set up its research unit in Ho Chi Minh City, Vietnam, in line with the introduction of a Vietnamese fund last year as it sees strong growth with a government ambitiously developing its capital market.
A team of four local analysts is assigned to study the market and provide reports on Vietnamese stocks to investors in its fund, it said.
Vietnam is considered a ``second China'' for many investors with foreign direct investments continuously flowing into the Southeast Asian nation that has the fastest growth rate in the region.
The Asian Development Bank forecast strong growth to continue in Vietnam with GDP of about 8 percent this year and next.
Mindful of this, Tong Yang Investment Trust Management is also preparing to make inroads into Vietnam where its sister securities firm, Tong Yang Investment Bank, has established a unit. The asset management firm recently applied for a license to operate there from financial authorities.
``The stock market is undergoing major development and changes,'' its spokesman said. ``Its state-run firms are on the verge of going public, consumption is growing, and the market is rich in resources.''
It is operating a fund investing in Vietnamese equities, and considering developing more funds such as real estate after its establishment.
Besides Tong Yang, Midas Asset Management set up an office in Singapore last July, while Mirae Asset Investments has offices in five countries, including the United Kingdom and India.