BEIJING, Jan. 3 (Xinhua) -- AllianceBernstein, a U.S.-based asset management firm, announced Tuesday it obtained a license to run its mutual fund business in China recently, reported Xinhua Finance Wednesday.
The new business named AllianceBernstein fund management co., ltd. has been given a securities and futures business license by China Securities Regulatory Commission, the securities regulator in the country.
Analysts said the approval, together with recent approvals for other foreign-controlled or owned securities, futures and fund firms, testified the resilience of Chinese economy and the attractiveness of China's capital market.
Recent years, China maintained its paces in advancing high-level opening up in securities and fund sectors and many famous global asset management companies also geared up for business running or expansion in China.
Ajai Kaul, AllianceBernstein's chief executive officer for Asia Pacific, said China's asset management industry is full of vitality and the company will leverage its over 56-year long experience in global asset management to contribute to the burgeoning development of asset management sector in China. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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