Neuberger Berman said Monday it became the second global institution to receive final approval from the China Securities Regulatory Commission (CSRC) to launch a wholly owned, newly established mutual fund business in China. Neuberger Berman will now be allowed to manage local assets for local clients, which has not been allowed previously. BlackRock Inc.
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was the first to receive approval. Patrick Liu, CEO of Neuberger Berman Fund Management (China) (FMC), said the country’s commitment to opening up to high-quality financial services “will bring significant opportunities for local investors.” Michelle Wei will become chief investment officer – equities of the FMC.