SFC fines New-Alliance for code breach

New-Alliance Asset Management has pleaded guilty to six summonses in relation to its failure to make both an initial disclosure of interests in a stock and subsequent disclosures when it increased those weightings.New Alliance is a joint venture between New York-based Alliance Capital Management, a unit of Axa Financial, and Hong Kong developer Sun Hung Kai. Both parents also own stakes in a Taiwan securities investment trust company (Site) JV with Far Eastern Bank.The Securities and …