Neuberger Berman gets CSRC approval for China business

Approved1Neuberger Berman is the latest overseas firm to gain regulatory approval for a wholly-owned mutual fund business in mainland China. Following in the footsteps of BlackRock and Fidelity, Neuberger Berman is the third overseas fund manager to be approved by the China Securities Regulatory Commission (CSRC). The new business will be called Neuberger Berman Fund Management and will be based in Shanghai with starting capital of CNY150 million (US$23.2 million). Under the terms of the CSRC approval, Neuberger Berman will be allowed to operate and distribute public and private investment funds in mainland China. The business must be fully established within six months including the appointment of directors, supervisors and senior management. Ever since the Chinese authorities removed the restrictions on foreign ownership of domestic funds and securities businesses in April, a number of the largest global firms have applied for a licence. In addition to Neuberger Berman, BlackRock and Fidelity, the likes of Schroders, AllianceBernstein and Van Eck have applications pending. © 2021 funds global asia

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