AllianceBernstein makes key Taiwanese acquisition
07 September 2011
News, Asia, Taiwan, USA
By Hui Ching-hoo
US asset manager AllianceBernstein Holdings is to acquire Taiwan International Investment Management (TIIM) as it looks to gain a foothold in Taiwan’s domestic fund market.
TIIM currently manages eight funds, which include four Taiwanese equities funds, two overseas funds, one money market fund, and one balanced fund. The company had total asset under management (AUM) of NT$8.43 billion (US$288 million) as at the end of July, representing a 0.43% domestic market share.
Derek Yung, managing director, Taiwan, at AllianceBernstein Taiwan, notes that the acquisition marks the company’s intention to advance its presence in Taiwan.
Upon the completion of the acquisition, TIIM will be the fourth affiliate for AllianceBernstein in Asia-Pacific alongside its subsidiaries in Japan, Australia and Korea.
Mr. Yung adds that the Taiwanese affiliate is expected to receive approval for fund launches from the regulator by as early as the second half of 2012.
Many foreign asset managers have spearheaded their expansion into Taiwan via acquisitions. For example, BlackRock, the world’s largest fund management firm, acquired local fund manager Primasia Investment Trust in October 2010.
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