U.S. asset manager AllianceBernstein applies for setting up mutual fund unit in China

According to a post in China’s securities website, U.S.-based asset manager AllianceBernstein’s Hong Kong unit has applied to set up a mutual fund in China.

The website of China’s Securities Regulatory Commission shows that application documents from AllianceBernstein Hong Kong Limited have been received by it on November 12, 2020.

Following years of international pressure, as part of the Trump Administation interim trade deal with Beijing, China has opened its financial sector, including its $14.6 trillion asset management industry, to foreign companies earlier this year in January.

In August BlackRock became the first global asset manager to obtain permission from the CSRC to set up mutual fund unit in the country.

Earlier this year, Neuberger Berman and Fidelity International had also applied to set to mutual fund units in China.

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