AllianceBernstein gets go-ahead for China retail funds business

China, retail funds, businessUS asset manager AllianceBernstein is the latest international firm to be granted regulatory approval for a wholly-owned retail funds venture in mainland China. It joins the likes of BlackRock, Neuberger Berman and Fidelity International in launching a retail funds business. The green light from the China Securities Regulatory Commission (CSRC) will allow AllianceBernstein to conduct public investment fund sales and private asset management. The new business has been registered in Shanghai and is wholly owned by AllianceBernstein Hong Kong. It will begin operations with US$14.5 million of registered capital. The news comes a week after UBS applied for its own licence as China looks to speed up its registration process. © 2023 funds global asia

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