Statement re change in Portfolio Management Team

Vietnam Enterprise Investments Ltd
01 February 2024
 

COMPANY ANNOUNCEMENT

 

For Immediate Release                                                                                        

01 February 2024

 

Vietnam Enterprise Investments Limited
(the "Company" or "VEIL")

 

Changes to Portfolio Management Team

 

The Board of VEIL, a London listed investment company investing primarily in listed equities in Vietnam and a FTSE 250 constituent, announces that Mr. Tuan Anh Le (Tuan) has been appointed as the Lead Portfolio Manager with effect from 01 February 2024 succeeding Mr. Dien Vu Huu (Dien) who is moving to a new role at Dragon Capital (the "Manager"). The Company's investment policy and objective will remain unchanged.

 

Tuan, with a Masters of Corporate Finance from the University of Economics in Ho Chi Minh City, joined Dragon Capital as a Senior Analyst in 2006 and was promoted to Deputy Portfolio Manager of VEIL in 2010. In 2013, Tuan was appointed as Deputy Portfolio Manager of a mandate for a large sovereign wealth fund investing in listed Vietnamese stocks. In 2016, he took over as Portfolio Manager of that mandate. Under his management, the US$600m+ portfolio outperformed the VNI six years out of seven and had an annualised total gross return (in US$) of 12.77% during his tenure, exceeding the VNI's 8.90%.

 

Dien has spent 24 years with Dragon Capital and the last 12 years as VEIL's Portfolio Manager. Under his stewardship and tenure, VEIL achieved an annualised total net return (in US$) of 13.19%, surpassing the VNI's 11.89%. Dien has asked to enter the next phase of his career at Dragon Capital while remaining connected to VEIL and felt now was the right time to trigger his succession plan. In his new role, he will focus initially on supporting the transition of Tuan to the new Lead Portfolio Manager role of VEIL. Then he will take up two responsibilities: the origination of IPOs, Pre-IPOs, and Private Placements across Dragon Capital's funds, and the related development of the Manager's domestic High Net Worth business.

 

In his role as Lead PM of VEIL, Tuan will continue to benefit from the expertise and experience of the current Deputy Portfolio Managers Tuan Bui Minh and Thao Ngo Thanh, both of whom will take on expanded responsibilities within the team. They have been with VEIL since 2017 and 2014 respectively, and have worked closely with Tuan in the past.

 

Gordon Lawson, Chairman of VEIL, commented;

"The Board of VEIL is delighted to welcome Tuan as Lead Portfolio Manager to VEIL. The Board  is confident that, with his knowledge of VEIL as former Deputy PM of VEIL, and his strong long term outperformance generated through Dragon Capital's investment process and platform, he and his team will continue to manage VEIL's portfolio for the benefit of shareholders.

 

We wish to place on record our thanks to Dien for his commitment and stewardship of the portfolio over the last12 years, and look forward to further valuable contributions from him in his new role."

 

For further information, please contact:

 

Vietnam Enterprise Investments Limited

Rachel Hill

+44 (0) 797 121 4852

+44 (0) 1225 618 150

rachelhill@dragoncapital.com                

 

Jefferies International Limited

Stuart Klein                                                                                          

+44 (0) 20 7029 8703

stuart.klein@jefferies.com         

 

Buchanan

Charles Ryland / Henry Wilson / George Beale

+44 (0) 20 7466 5111

veil@buchanan.uk.com

 

h2Radnor

Iain Daly

+44 (0) 20 3897 1830

idaly@h2radnor.com

 

LEI: 213800SYT3T4AGEVW864

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings