Valuecap confirms exit of third-party asset management business


  • Investment
  • Thursday, 19 Dec 2019

In a memo to staff sighted by StarBiz, group CEO Roslina Abdul Rahman said the decision to shutter the company was made following a meeting of ValueCap's board of directors on Dec 16.

KUALA LUMPUR: State-owned investment firm Valuecap Sdn Bhd has confirmed that it is seeking to exit the third-party asset management business.

The group is in the process of exploring various strategic options with regards to VCAM and i-VCAP, including divesting or winding up the companies, it said in a statement to Bursa Malaysia on Thursday.

"Both companies are proposing to terminate their respective wholesale funds, while i-VCAP is exploring various options in relation to the management of the ETFs, including the possibility of transferring the ETFs to another licensed fund management company," it said.

In the interim, VCAM and i-VCAP will keep clients and unitholders informed of any developments on this matter as and when updates are available.

"The Group will also work closely with the relevant authorities during this period to ensure the exercise follows due process and complies with all regulatory requirements.

"Further updates will be provided in due course, subject to consultation with the relevant stakeholders," it added.

Earlier today, StarBiz reported that Valuecap and its subsidiaries will cease operations following a review of the group's strategic direction and after taking into account the decisions of the respective shareholders.

In a memo to staff sighted by StarBiz, group CEO Roslina Abdul Rahman said the decision to shutter the company was made following a meeting of ValueCap's board of directors on Dec 16.

"The closure process will be done in phases to facilitate smooth transition for all affected parties, including the employees," it said.

Incorporated in 2002, ValueCap is principally involved in investments in listed securities on Bursa Malaysia.

It manages proprietary funds for its shareholders with the mandate to manage third-party funds via its asset management business, comprising VCAP Asset Managers and i-VCAP Management.

The company is equally owned by Khazanah Nasional Bhd, Kumpulan Wang Persaraan (Diperbadankan), and Permodalan Nasional Bhd.

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ValueCap , third party , asset management

   

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