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Alliance Capital and Ping An to join forces

Global investment management firm Alliance Capital Management Holding has reportedly announced that it will form a fund management joint venture with Ping An Insurance Co in China.

An article in the South China Morning Post quoted Alliance Capital’s chief executive, Lewis Sanders, as stating that the company has the potential to provide services to high net worth clients and governments around the world. However, Sanders has not provided details of the joint venture.

Alliance Capital Management is a financial services firm that manages investments for institutions, high net worth individuals and mutual fund shareholders around the world. The company had $539 billion in preliminary assets under management at Decemeber 31, 2004.

Ping An Insurance (Group) Co became a holding company as part of its reorganization in 2003, to integrate the company’s primary insurance operations with trust and securities services and its overseas business. The company’s operating subsidiaries include China Ping An Life Insurance Co, China Ping An Property Insurance Co, China Ping An Insurance Overseas (Holdings) Co and Ping An Trust and Investment Company.