Neuberger Berman receives approval to set up mutual funds unit in China

Follows similar move from Blackrock

Neuberger Berman has received approval from the China Securities Regulatory Commission (CSRC) to begin operations managing local currency mutual funds for Chinese investors.

The firm is now the second global asset manager to receive final approval to launch a wholly owned, newly established mutual fund business in China. BlackRock was the first global asset manager to receive a licence in June 2021. Several other global asset managers, including Schroders, Fidelity International and VanEck have also applied to set up wholly owned mutual fund businesses in China. Fidelity PM exits £2.4bn China Focus fund to take on new leadership role Patrick Liu, CEO of Neuberger Berman Fund Management China, said: "We are honoured to now be able to broadly serve Chine...