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HONG KONG (Reuters) – U.S.-based AllianceBernstein (NYSE:) Holding LP has received a license to operate a wholly owned mutual fund business in China, the latest company to leverage China’s $3.8 trillion The company announced Tuesday that it will become a foreign asset management company. Investment trust market.
“Alliance Bernstein provides onshore investment products and solutions to Chinese investors and helps them explore opportunities in China’s domestic market,” the company said in a statement posted on its WeChat account.
In 2020, China removed caps on foreign ownership in the mutual fund industry. BlackRock (NYSE:), Fidelity International and Neuberger Berman Group have all won approval to operate wholly-owned mutual fund businesses in China in recent years.
Morgan Stanley and JPMorgan Chase (NYSE:) also acquired full rights to their mutual fund joint venture last year.
China’s mutual fund industry faces headwinds, with the market posting a third consecutive year of losses in 2023, while foreign investors also face other troubling challenges, including increased domestic data security and geopolitical risks. working on the problem.
U.S. investment manager Van Eck last year scrapped plans to set up a Chinese mutual fund unit after gaining approval, citing business uncertainty.
(1 dollar = 7.1252 RMB)
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