AllianceBernstein applies to set up China mutual fund unit

SHANGHAI (Reuters) – U.S.-based asset manager AllianceBernstein’s Hong Kong unit has applied to set up a mutual fund in China, the Chinese securities regulator’s website showed.

Application documents from AllianceBernstein Hong Kong Limited were received by the China Securities Regulatory Commission on Nov. 12, according to the CSRC’s website.

China has opened its financial sector, including its $14.6 trillion asset management industry, to foreign companies as part of an interim trade deal with the United States signed in January.

In August BlackRock became the first global asset manager to obtain a green light from the CSRC to set up a China-based mutual fund unit. Neuberger Berman and Fidelity International also filed applications earlier this year.

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