© 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.