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China allows Neuberger Berman to set up mutual fund unit

reuters.com · 09/24/2021 06:23
China allows Neuberger Berman to set up mutual fund unit

- China securities regulator approved the Neuberger Berman Investment Advisers to set up a wholly owned mutual fund unit in Shanghai, a third foreign investor given the green light to tap country's $3.5 trillion mutual retail fund market.

The approval came after BlackRock BLK and Fidelity International become the first two global asset manager licensed to start a wholly owned China mutual fund business in June and August. nL1N2PD0JRnL1N2PD0JR

In a statement on its website, the China Securities Regulatory Commission (CSRC) said that Neuberger Berman's new China company has registered capital of 150 million yuan ($23.20 million).

($1 = 6.4642 Chinese yuan renminbi)


(Reporting by Beijing Newsroom;
Editing by Alison Williams)

((cheng.leng@thomsonreuters.com; +8610-5669-2129;))