Business

Neuberger Berman gets Chinese regulatory approval to conduct mutual fund business



© 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.

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