PHNOM PENH | Mon Jan 24, 2011 11:03pm EST
PHNOM PENH Jan 25 (Reuters) - Vietnam's largest asset manager, VinaCapital Investment Management Ltd, is expanding into neighbouring Cambodia with a pledge to invest $100 million and eventually launch a dedicated fund, the company said on Tuesday.
Its new, wholly owned unit, VictoryCapital, will "invest in a broad range of sectors, including real estate, hospitality, infrastructure and agriculture", said VinaCapital, which oversees $1.7 billion in assets primarily in three London-based funds.
VictoryCapital will source and manage investments in Cambodia, with VinaCapital's Singapore office helping to raise capital, VinaCapital's statement said. It did not specify when it would launch its Cambodia fund.
VictoryCapital joins a small band of frontier investors sizing up Cambodia at a time when China and South Korea are increasing direct investment in its tiny $10 billion economy. Plans for a stock market are progressing, though slowly.
Simon Luu, formerly with Australia and New Zealand Banking Group (ANZ.AX) in Phnom Penh, will be country manager and Don Lam will be chief executive. (Reporting by Jason Szep; Editing by Alan Raybould)