Seoul-based Fides Investment Management said on Oct. 10 it plans to launch a Vietnamese corporation after buying a controlling stake in Hanoi-based Thang Long Investment Management.

It will become the second South Korean asset management company to have a subsidary in Vietnam, following Mirae Asset Global Investments. 

This came as Fides Investment is inching closer to buying a 51 percent stake -- or 1.9 million shares -- in Thang Long for 40.2 billion Vietnamese dong ($1.7 million), as pledged in a March disclosure. The largest stakeholder Nguyen Ho Nam is selling its 83.78 percent stake in Thang Long to Fides Investment and ready-mix concrete maker Uni Eastern Vietnam.

“Fides Investment acquired stake in Thang Long over two rounds before gaining regulatory approval from the local financial authorities in late September,” a representative of Fides Investment in charge of Vietnamese business told The Investor. “The transaction will be completed after the due diligence process.”

Founded in 1998 as an investment adviser, Fides Investment opened a Vietnamese office in 2007 for research capabilities. It gained a Korean license for asset management in 2016 and has since created funds with Vietnam-heavy portfolios for Korean investors.

By Son Ji-hyoung (consnow@heraldcorp.com)