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February 2024
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Neuberger Berman wins mutual fund licence in China

Neuberger Berman
By Hui Ching-hoo   
November 30, 2022

US asset manager Neuberger Berman has become the second foreign firm after BlackRock Inc to secure a mutual fund licence in China.

The company says it has won approval from the China Securities Regulatory Commission to launch renminbi-denominated mutual funds in the onshore market.

“Our long-term investment performance and environmental, social and governance 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,” Patrick Liu, chief executive officer of Neuberger Berman Fund Management (China), says in a statement on November 28.

China opened up its mutual fund market to foreign fund houses in 2019 in another step to liberalise its financial markets.

Asset management giant BlackRock won the first licence in July 2021.

China’s capital market is the second largest in the world after the US and its “commitment to opening up to high-quality financial services will bring significant opportunities for local investors”, according to Liu.

Figures from the Asset Management Association of China show that the mutual fund market had 26.69 trillion RMB (US$3.69 trillion) of assets as of September 2022.

New York-based Neuberger Berman had $418 billion of assets under management as of June 2022.