Neuberger Berman gets Chinese regulatory approval to conduct mutual fund business – Reuters

BEIJING, Nov 25 (Reuters) – 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.

Reporting by Samuel Shen, Ella Cao and Twinnie Siu, Editing by Louise Heavens

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