New twist as Vietnam Holding manager resigns – a couple of days ago Vietnam Holding announced that it was serving notice on its manager as a way of triggering a review of the fee arrangements for its services. The announcement said though that the plan was to retain the services of the portfolio management team led by Vu Quang Thinh. Today, however, Vu Quang Thinh has resigned. The full text of the announcement is shown below:
“VietNam Holding Limited (“VNH” or the “Company”) (AIM: VNH) announces that it has today been informed by VietNam Holding Asset Management Limited (“VNHAM”), the Company’s investment manager, that Vu Quang Thinh, CEO and Vice Chairman of VNHAM based in Ho Chi Minh City, Vietnam, has tendered his resignation to VNHAM.
As previously announced, the Company has issued notice of termination to VNHAM of its investment management agreement. In the interim, the Company will continue its discussions with VNHAM regarding the management of the Company’s investment portfolio for when Vu Quang Thinh’s notice period ends on 16 June 2018. A further announcement will be made in due course.”
[QD comment: Vu Quang Thinh’s notice period seems to have been just one month, exceptionally short, in our experience, for a person with his responsibilities. It looks as though Vietnam Holding won’t be left completely in the lurch as there is a team of managers and research analysts led by Vuong Van Anh, who has been working for VNHAM since 2007 and in the investment team since 2010. It will be interesting to see how the board reacts, however.]
VNH : New twist as Vietnam Holding manager resigns