Alliance Capital Management L.P. and Banco de Cr dito Nacional -BCN- Form Joint Venture Company in Brazil.NEW YORK--(BUSINESS WIRE)--July 3, 1997--Alliance Capital Management L.P. and the Banco de Cr dito Nacional (BCN BCN Beacon BCN Blue Care Network BCN Biblioteca del Congreso Nacional (Chile) BCN Backbone Concentrator Node (routers, Nortel) BCN Banco Central de Nicaragua BCN Broadband Convergence Network ) today announced the formation of BCN Alliance Capital Management S.A. (BCN Alliance), a Sao Paulo-based asset management company. Alliance and BCN each own 50% of the new company. BCN Alliance will provide asset management services to Brazilian and Argentinean institutional investors and mutual funds. It will initially manage 13 equity and fixed income funds with assets of more than $800 million currently managed by BCN as well as BCN's institutional portfolios with assets of approximately $300 million. The new company also will provide research and other related services for Alliance's $300 million in managed Brazilian assets. Roberto Luiz Corra da Fonseca, former managing director of Alliance's Brazilian operation, will serve as Chief Executive Officer of BCN Alliance. The Sao Paulo office opens with 11 investment professionals and seven marketing specialists. John D. Carifa, Alliance's President & Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , noted, "The combination of Alliance's asset management strengths and BCN's extensive distribution network will expand the range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. available to both institutional and individual investors. We are very pleased to show this vote of confidence in the growing Brazilian economy
BCN President Pedro Conde added, "BCN Alliance Capital Management is the first joint venture between a global investment management company and a large Brazilian retail bank. And it represents a further important step by BCN in the consolidation of its vanguard position among the largest and best Brazilian financial institutions." "We found in Alliance Capital an ideal partner to provide the company with global perspective, advanced investment and research techniques and access to the markets of all the continents." Mr. Conde is a former President of Febraban, the Brazilian national federation of banks, and a former member of the country's National Monetary Council. BCN is the 6th largest privately owned Brazilian bank, with approximately $13 billion (U.S.) in assets and net worth of more than $1 billion. In addition to its substantial treasury and corporate banking divisions, the 74-year-old bank has 203 offices and branches in 74 Brazilian cities as well as full branches in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. . BCN is listed at Bovespa, the Sao Paulo Stock Exchange Sao Paulo Stock Exchange See: Bolsa de Valores de Sao Paulo (BCN ON and BCN PN). Alliance Capital Management L.P. (NYSE NYSE See: New York Stock Exchange : AC) is a leading global asset manager with $194 billion under management. Alliance provides services to pension funds, endowments, insurance companies, banks and other institutions as well as to individual investors through 136 mutual funds and cash management products which are distributed through broker/dealers, financial advisers, banks and insurance companies. Alliance serves clients worldwide through offices located in Australia, Bahrain, Brazil, Canada, France, India, Japan, Luxembourg, Poland, Singapore, Spain, Turkey, the United Kingdom and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: Alliance Capital Management L.P. Duff Ferguson, 212/969-1056 or Schofield & Associates Paul Schofield, 617/428-0680 |
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