Wed. Feb 1st, 2023

BEIJING, Nov 25 (Reuters) – U.S. asset supervisor Neuberger Berman’s Chinese language unit stated on Friday it has been granted a license by the Chinese language securities regulator to conduct mutual fund enterprise.

It formally turns into the second wholly foreign-owned fund administration firm allowed to conduct mutual fund enterprise within the nation, the corporate stated on its official WeChat account.

BlackRock (BLK.N) already operates a totally owned mutual fund enterprise in China.

In September, the China Securities Regulatory Fee (CSRC) permitted Neuberger Berman to arrange an entirely owned mutual fund unit in Shanghai.

Reporting by Sam Shen, Ella Cao and Twinnie Siu, Modifying by Louise Heavens

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