Neuberger Berman gets Chinese regulatory approval to conduct mutual fund business

Neuberger Berman gets Chinese regulatory approval to conduct mutual fund business

U.S. asset manager Neuberger Berman's Chinese unit said on Friday it has been granted a license by the Chinese securities regulator to conduct mutual fund business.

It officially becomes the second wholly foreign-owned fund management company allowed to conduct mutual fund business in the country, the company said on its official WeChat account.

BlackRock (BLK.N) already operates a fully owned mutual fund business in China.

In September, the China Securities Regulatory Commission (CSRC) approved Neuberger Berman to set up a wholly owned mutual fund unit in Shanghai.