Neuberger Berman has landed a ‘milestone’ award in the form a private fund manager licence, allowing it to access China’s domestic qualified investor market.
The US company said the award – which has been achieved through its Shanghai-based subsidiary – makes it one of the first non-Chinese investment companies to be granted such access.
The registration was granted by the Asset Management Association of China (AMAC) and allows Neuberger Berman to manage private funds and raise assets directly from qualified investors in mainland China, including qualified high-net-worth individuals and local institutions.
Commenting on the award, Patrick Liu, Neuberger Berman's head of China, said: ‘This is a very important milestone for Neuberger Berman and we are delighted to be one of the first firms to secure this licence.
‘We are committed to building a leading investment management firm in China, offering our customised product solutions in equities, fixed income, multi-asset, quantitative investing and alternatives.’
Neuberger Berman said it is committed to expanding its presence in China, which has seen it establish a local subsidiary and also hire local equity portfolio manager Bin Yu and his team earlier this year. This comes as the firm expands its equity research coverage for global and emerging market managers investing in China.