Alliance Capital Management of New York and AXA Asia Pacific, a subsidiary of the AXA Group of Paris, have signed a memorandum of understanding to establish new asset management companies in Australia and New Zealand. Alliance and AXA will each own 50 percent and have equal representation on the boards of the two new companies, to be called Alliance Capital Management Australia and Alliance Capital Management New Zealand, according to the companies.

The companies will initially manage approximately $23 billion, with $17 billion of the assets coming from AXA and the remaining $6 billion from Alliance. Alliance will be responsible for the daily operations of the companies and AXA will be responsible for distribution, product development and marketing, the companies said.

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