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Alliance Capital to control Hanwha Securities

Alliance Capital Management and Hanwha Securities announced the signing of a letter of intent for Alliance Capital to assume full control of Hanwha Investment Trust (HITCO), a Korean investment management company.

Alliance Capital and Hanwha will aim to provide a greater range of services to Korean investors and distribute mutual funds managed by the joint venture as well as Alliance Capital's ACM family of offshore funds. HITCO will be renamed Alliance Capital Management (Korea) Ltd.