Neuberger Berman has become only the second global firm to receive approval to launch a wholly-owned, newly-established mutual fund business in China.
The New York-headquartered asset manager received approval from the China Securities Regulatory Commission (CSRC) to begin operations managing local currency mutual funds for domestic Chinese clients.
In June last year, BlackRock became the first foreign asset manager to be granted approval by the CSRC to start a wholly-owned onshore mutual fund business in China. Several other global asset managers such as Fidelity International and Schroders are also preparing to launch wholly-owned businesses in China’s mutual fund industry.
“We are honoured to be the second global asset manager approved to begin our mutual fund business operations in China. China is the world’s second largest capital market and the country’s commitment to opening up to high-quality financial services will bring significant opportunities for local investors,” said Patrick Liu, chief executive of Neuberger Berman Fund Management (China).
“Our long-term investment performance and ESG leadership were at the core of our mutual fund company application and will enable us to be a positive force for Chinese investors, issuers, markets and the global community.”
Neuberger Berman has been expanding its Shanghai-based team and recently hired Wei Xiaoxue as managing director of its subsidiary, Neuberger Berman Fund Management (China).
Wei will spend the first six months in her new role focused on the organisation’s strategic planning. Once this is completed, she will assume the role of deputy general manager and chief investment officer for equities at FMC.
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