AllianceBernstein, the $696 billion investment management firm, has obtained a license to launch a wholly owned mutual fund business in China, a spokesperson confirmed.
There are a few regulatory steps to go through before the business can be launched, but regulations stipulate that the firm must launch its first product within six months, and the company is determined to work within that time frame, he said.
This means that the business aims to launch within the first half of this year, subject to further regulatory approvals, he added.
The mutual funds business will be led by AllianceBernstein's China CEO Alex Qian.
AllianceBernstein joins a handful of foreign asset management firms that have gained regulatory approvals to run wholly owned mutual fund businesses in mainland China in recent years, including the $9.1 trillion BlackRock and the $439 billion Neuberger Berman Group.
