Alliance Capital Signs Letter of Intent With Hanwha Securities.NEW YORK--(BUSINESS WIRE)--Jan. 21, 1999--Alliance Capital and Hanwha Hanwha (Hangul: 한화; Hanja: 韓華), formerly known as Hankook Hwayak (Hangul: 한화종합화학; Hanja: 韓華綜合化學), is one of the largest conglomerates, or chaebol, in Korea. Securities Co., Ltd. ("Hanwha") today announced the signing of a letter of intent for Alliance Capital to assume full operational control of Hanwha Investment Trust Co., Ltd. ("HITCO"), an investment management company that is currently 20% indirectly owned by Alliance Capital. HITCO will be renamed as "Alliance Capital Management (Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. ) Ltd." Alliance Capital and Hanwha will aim to provide a greater range of services to Korean Korean, language of uncertain ancestry. It is thought by some scholars to be akin to Japanese, by others to be a member of the Altaic subfamily of the Ural-Altaic family of languages (see Uralic and Altaic languages), and by still others to be unrelated to any known investors and distribute mutual funds managed by the joint venture as well as Alliance Capital's ACM (Association for Computing Machinery, New York, www.acm.org) A membership organization founded in 1947 dedicated to advancing the arts and sciences of information processing. In addition to awards and publications, ACM also maintains special interest groups (SIGs) in the computer field. family of offshore funds. In addition, Alliance Capital will introduce advanced management processes to the company and may increase its ownership stake in HITCO over time. "This expanded joint venture will afford both our firms the opportunity to offer a wider range of high quality investment products to Korean investors," said John Carifa, President of Alliance Capital. "We continue to believe that Korea's demand for investment services will increase rapidly in the years ahead." Alliance Capital first purchased a 20% interest in HITCO in January January: see month. 1998. HITCO currently has over 20 funds and US$550 million under management. About Alliance Capital Alliance Capital Management L.P. is a leading global investment management firm with over $241 billion under management as of September 30, 1998. Alliance provides services to pension funds, endowments, insurance companies, banks and other institutions as well as to individual investors through 230 funds and cash management products which are distributed through broker/dealers, financial advisers, banks and insurance companies. Alliance Capital is headquartered 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 . |
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