Neuberger Berman joined a growing list of overseas asset managers to tap into the expanding reservoir of Chinese wealth.
US-based investment manager Neuberger Berman (NB) is the latest foreign firm to be granted a licence in China allowing it to manage private funds and raise capital directly from qualified investors including high net worth individuals (HNWI).
In a statement on its website NB's wholly foreign owned enterprise (WFOE), Neuberger Berman Investment Management (Shanghai), details its approval from the Asset Management Association of China (AMAC). NB now joins other foreign asset managers that have obtained the licence alongside firms such as UBS Asset Management.
China's Open Door
«China represents a tremendous opportunity for us and we are committed to adding local resources across different functions including portfolio management, legal compliance, and marketing and research,» said Nick Hoar, head of Asia Pacific at Neuberger Berman.
The authorities in China have promised to further «open up» the vast country's financial services sector saying it will be almost entirely open to foreign players in the next five years, according to China’s deputy finance minister Zhu Guangyao.
