Vietnam fund now raising cash

PXP Asset Management plans to become the first Vietnam blue-chip fund.

A new investment management company based in Ho Chi Minh City is wrapping up raising money for what will be the first international fund dedicated to investing in Vietnam's stock market, with the aim of becoming the dominant blue-chip investor in a growing emerging market.

PXP Vietnam Asset Management was recently founded by Kevin Snowball, formerly a trader of proprietary emerging market funds for ABN Amro, Baring Securities and Bear Stearns and Jonathon Waugh, a Vietnamese speaker who left JPMorgan Chase last year when it shut the Vietnam office inherited from Jardine Fleming.

Snowball has been in Hong Kong this week meeting prospective investors. The Cayman-domiciled, Dublin-listed, five-year closed-end PXP...

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