(Full text of a statement.  Contact details below.)
INDIA, July 6 PRNewswire-AsiaNet - Alliance Capital Management today announced that Ajai Kaul, CEO of Alliance Capital Asset Management (India) Private Limited, had been named Asia Region Head for Mutual Funds.

In his new role, Mr.  Kaul will be responsible for heading Alliance Capital's retail mutual funds sales teams in Australia, Hong Kong, Singapore, Korea, and Taiwan - working closely with Alliance Capital's existing partners in these markets.  Additionally, Mr.  Kaul will continue to focus on developing new mutual fund business in other priority countries and will retain overall responsibility for Alliance Capital Asset Management in India.

"As CEO of our business in India, Mr.  Kaul has been very successful in building the retail distribution business of ACM Investment Funds in India - where our mutual fund sales have grown to over $800 million within the last six years alone", said Kurt Schoknecht, CEO of ACM International, the non-US mutual fund business of Alliance Capital.  "We view Asia Pacific as a strong potential growth market for retail mutual fund sales and are committed to building our presence throughout the region."

Mr.  Kaul joined Alliance Capital in 1994 after spending 10 years at Bankers Trust Company, most recently as a fixed income product specialist.  Prior to that, he was a fixed income product manager and a GIC portfolio manager at Bankers Trust.

Mr.  Kaul received both a B.A.  and an M.B.A.  from New York University.  He also received a Bachelor of Commerce from Delhi University in India.  He is a Certified Financial Analyst.

About Alliance Capital Alliance Capital is a leading global investment management firm with 32 offices in 20 countries and $394 billion in assets under management as of March 31, 2000.  Alliance Capital manages retirement assets for many of the largest U.S.  public and private employee benefit plans (including 28 of the U.S. Fortune 100 companies), for public employee retirement funds in
31 out of the 50 U.S.  states, and for foundations, endowments, banks, an insurance companies worldwide.

Alliance Capital is also one of America's largest mutual fund sponsors, with a diverse family of fund portfolios and approximately 5.8 million shareholder accounts.

SOURCE: Alliance Capital Management L.P. CONTACT: Shira Zackai of Alliance Capital Management L.P., 212-969-6387, [email protected]

ASIA PULSE