AllianceBernstein applies for mainland China license

Chinese dragonUS fund manager, AllianceBernstein, has reportedly applied to launch a mutual fund in mainland China. The application was made via the firm’s Hong Kong unit and appeared on the website of the China Securities Regulatory Commission (CSRC), according to a Reuters report.  AllianceBernstein is one of a number of large US managers to have sought regulatory approval for a mainland China venture following a further opening up of the lucrative onshore investment market, estimated to be worth more than US$14 trillion in assets under management. In April 2020, China abolished the 51% cap on foreign ownership of investment firms, paving the way for overseas firms to seek approval for wholly-owned, mainland mutual fund units. In late July Blackrock was granted regulatory approval by the CSRC for a wholly-owned mutual fund unit to be based in Shanghai, making it the first overseas firm to receive such approval. Further applications have been submitted by Neuberger Berman and Fidelity. Meanwhile rating agency Fitch has forecast that more managers will seek onshore fund management licenses, a development which will further fuel the rapid growth of China’s mutual funds market. © 2020 funds global asia

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