AllianceBernstein announced on its official WeChat account that the China Securities Regulatory Commission (CSRC) has given the green light for it to launch AllianceBernstein Fund Management, a wholly foreign-owned fund management company.
“As one of the world’s leading asset management companies, Alliance Bernstein has been deeply rooted in the Chinese market for more than 20 years. The company will further rely on global investment capabilities and combine local experience to help more investors achieve their wealth goals,” said the company in the same announcement.
The company has registered capital of Rmb100m ($14.5m) and is wholly owned by AllianceBernstein Hong Kong, according to the approval notice by the CSRC.
Registered in Shanghai, AllianceBernstein Fund Management has been approved for public investment funds management, funds sales, private asset management and other businesses permitted by the CSRC.
The asset manager joins BlackRock, Schroders, Fidelity International and Neuberger Berman in establishing a retail fund management company in China.
As of end of 2022, AllianceBernstein has over $646bn in assets under management.
Only Allianz Global Investors is still waiting for approval among foreign asset managers that have applied to set up a fund management company in China after the authorities sped up the process of approving applications at the end of 2022.
UBS is also reported to be seeking to apply for a mutual fund licence.