BEIJING, Nov 25 (Reuters) – U.S. asset supervisor Neuberger Berman’s Chinese language unit mentioned on Friday it had been granted a license by the Chinese language securities regulator to conduct mutual fund enterprise.
The announcement got here days after Canada’s Manulife Monetary Corp (MFC.TO) acquired regulatory nod to take full management of its Chinese language mutual fund enterprise, including to indicators that Beijing stays dedicated to opening-up.
The approvals may ease overseas considerations over China’s coverage route after President Xi Jinping consolidated energy throughout October’s Communist Celebration Congress.
Neuberger Berman Fund Administration (China) Ltd mentioned on its official WeChat account that it had lately obtained the enterprise licence from the China Securities Regulatory Fee (CSRC).
In doing so it has change into the second newly-established, wholly foreign-owned fund administration firm allowed to conduct mutual fund enterprise in China, the corporate mentioned.
“We’re honoured to now have the ability to broadly serve Chinese language traders in native markets,” Neuberger Berman mentioned in an emailed assertion.
“Our long-term funding efficiency and ESG management have been on the core of our mutual fund firm software,” the corporate mentioned, utilizing the abbreviation for environmental, social, and governance.
BlackRock (BLK.N) already operates a totally owned mutual fund enterprise in China.
A number of different world asset managers, together with Constancy Worldwide, Schroders Plc and VanEck, are additionally making ready for a wholly-owned enterprise in China’s $3.7 trillion mutual fund trade.
Neuberger Berman utilized to arrange a China mutual fund unit on April 1, 2020, when the Chinese language authorities scrapped overseas possession caps within the sector below a China-U.S. commerce deal.
The U.S. asset supervisor obtained CSRC’s nod to arrange the fund unit in September, 2021.
($1 = 7.1642 Chinese language yuan renminbi)
Reporting by Samuel Shen, Ella Cao and Twinnie Siu, Modifying by Louise Heavens
: .