HANOI - Japanese financial services firm Orix Corp has agreed to buy a 25 percent stake in Indochina Capital, a Vietnam-focused fund management company, the latter said on Wednesday without giving the value of the deal.
Orix will help Indochina Capital expand its core fund management business, focusing on real estate, equities and infrastructure, and further develop the group's financial and corporate advisory services, it said.
Indochina Capital, founded in 1999, is one of Vietnam's biggest asset managers with about $500 million in capital under management by its real estate arm, Indochina Land, and about $60 million managed by its equities fund division.
Japan's Nikkei reported on Wednesday that Orix would dispatch a director to Indochina. It estimated Indochina Capital's operating revenue to have been nearly 2 billion yen in 2009.
A spokesman for Indochina Capital declined to comment.
In October, Indochina Land closed its third property fund with capital commitments of $180.3 million.
In September 2009, investors voted to close a London-listed Indochina Capital equity fund after Vietnam's stock market tanked, causing the fund to trade at a large discount.