Neuberger Berman gets Chinese regulatory approval to conduct mutual fund business


© Reuters. FILE PHOTO: A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo

BEIJING (Reuters) – U.S. asset manager Neuberger Berman’s Chinese unit said on Friday it has been granted a license by the Chinese securities regulator to conduct mutual fund business.

It officially becomes the second wholly foreign-owned fund management company allowed to conduct mutual fund business in the country, the company said on its official WeChat account.

BlackRock (NYSE:) already operates a fully owned mutual fund business in China.

In September, the China Securities Regulatory Commission (CSRC) approved Neuberger Berman to set up a wholly owned mutual fund unit in Shanghai.



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