AllianceBernstein has turned out the lights in its Shanghai office, Reuters reports. The decision to shut down the New York-headquartered investment manager's sole office in mainland China was made as part of efforts to trim costs and improve efficiency, Hong Kong chief executive Augustus Cheh told the wire service.

AllianceBernstein is consolidating its Asian research operations into its Hong Kong office.

"We believe that a consolidated team can carry out our research effort both efficiently and effectively," Cheh told Reuters. "We also acknowledge the difficult global financial environment, and the firm is seeking to control costs accordingly." 

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