NEW YORK Alliance Capital Management has entered a joint venture with AXA Asia Pacific Holdings, an Australian asset management company, to start asset management companies in Australia and New Zealand.
The new companies will be Alliance Capital Management Australia and Alliance Capital Management New Zealand. Alliance and AXA Asia Pacific Holdings will own half the equity of each new company and will be represented equally on the board, but Alliance will handle day-to-day operations.
Operations for the new companies will be in Sydney and Melbourne, and Wellington, New Zealand.
