US-asset manager Neuberger Berman has openend an investment management wholly foreign-owned enterprise in Shanghai and made several senior appointments.
The launch of the wholly foreign-owned enterprise (WFOE) underlines the company's long-term commitment to this important market, according to a statement sent on Wednesday.
The WFOE will allow Neuberger Berman to operate an onshore investment management business in mainland China, subject to the registration with the Asset Management Association of China (AMAC).
Several Senior Appointments
Once the registration is complete, Neuberger Berman will be able to manage and distribute private funds to a broader client franchise including private banks, independent wealth management platforms and local institutions.
Given this development, the firm has made several senior appointments in China. Industry veteran Patrick Liu joined as Head of China and General Manager of Neuberger Berman Investment Management (Shanghai).
Based in Shanghai
Liu was previously CEO of HFT Investment Management, a joint venture of BNP and Haitong Securities, one of China's largest brokerage firms.
Prior to joining HFT, he held senior roles at Invesco Greatwall Fund Management and Deutsche Asset Management. All of the recent hires will be based in Neuberger Berman's Shanghai office.
Business Development in China
In addition to Liu's appointment, Neuberger Berman has also added senior personnel in its client coverage team. William Hui, who previously led the development of both the retail and institutional business at Deutsche Asset Management, joined recently as Head of China Institutional Business. He will work alongside Marco Tang, Head of China Retail Business, in spearheading the firm's business development in China.
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman's team is more than 1,900 professionals.
