© Reuters. FILE PHOTO: The Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo
BEIJING (Reuters) – The China unit of U.S. asset manager Neuberger Berman said on Friday that it had been granted a license by China’s securities regulator to conduct mutual fund business.
It officially became the second 100% foreign-owned fund manager allowed to conduct mutual fund business in the country, the company said on its official WeChat account.
BlackRock (NYSE:NYSE) already operates a wholly owned mutual fund business in China.
In September, the China Securities Regulatory Commission (CSRC) approved Neuberger Berman to establish a wholly-owned mutual fund unit in Shanghai.