Alliance Capital and Copernico Capital Partners Announce Fund Advisory Arrangement in Argentina.NEW YORK--(BUSINESS WIRE)--Dec. 13, 1999-- Alliance Capital Management L.P. ("Alliance Capital") and Argentina's Copernico Capital Partners today announced that they have signed a letter of intent to enter into a comprehensive fund distribution and investment management arrangement in Argentina. The two firms intend to launch mutual funds that will invest in non-Argentinean securities and be marketed to Argentinean retail and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , including insurance companies and pension funds. The first product will be the Copernico Alliance Brazil Fixed Income Fund, sub-advised by 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 Alliance Capital Management S.A. in Brazil (a Brazilian asset management company owned jointly by Alliance Capital and Sao Paulo-based Banco de Credito Nacional). "Argentina's swift-growing mutual fund market should expand rapidly as Argentinean citizens embrace mutual funds for their retirement savings and as pension funds invest a larger portion of their assets in mutual funds," said Jon Groom, Head of Offshore Funds for Alliance Capital. "The combination of Alliance Capital's global investment management expertise and Copernico Capital Partners' access to the local market should allow us to enter the market on an excellent footing." "Alliance Capital Management's strong global presence and broad product expertise is an excellent complement to our business strategy. The Copernico Alliance family of local mutual funds will enhance the menu of options for both institutional and retail clients in Argentina," said Ricardo Maxit, Partner of Copernico Capital Partners. Alliance Capital has already established a significant presence in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. through its family of Luxembourg-domiciled offshore mutual funds Offshore Mutual Fund A mutual fund that is managed and housed in a foreign country, usually outside the U.S. Notes: Always be careful when investing your money in offshore accounts they may be more prone to scams because of relaxed regulations in many offshore countries. , the 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. Offshore Funds, as well as its joint venture with BCN. About Copernico Capital Partners ("Copernico") Based in Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina, Copernico Capital Partners is an independent investment management firm formed in 1999 with the purpose of providing Latin America-focused investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to its clients. Copernico's core business is to provide independent and quality advisory services in the areas of asset management, including mutual funds, discretionary segregated accounts, co-managed funds with foreign money managers, local distribution of third parties' financial products, and private label funds. Copernico's expertise is focused on Latin America, with special emphasis on Argentina, Brazil, and Mexico. About Alliance Capital Alliance Capital is a leading global investment management firm with over US$317 billion under management. Alliance Capital manages retirement assets for many of the largest U.S. public and private employee benefit plans (including 29 of the U.S.'s Fortune 100 companies), for public employee retirement funds in 32 out of the 50 U.S. states, and for foundations, endowments, banks, and insurance companies worldwide. Alliance Capital is also one of America's largest mutual fund sponsors, with a diverse family of fund portfolios and approximately 4.5 million shareholder accounts, and a large offshore funds sponsor, managing over $4.5 billion in offshore fund assets Fund assets The total value of a portfolio's securities, cash, and other holdings, minus any outstanding debts. . Alliance Capital Management Holding L.P. (NYSE NYSE See: New York Stock Exchange : AC) owns approximately 43% of the units representing beneficial ownership of limited partnership interests in Alliance Capital. |
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