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China allows Neuberger Berman to set up mutual fund unit

BEIJING : 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 US$3.5 trillion mutual retail fund market.

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

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 (US$23.20 million).

(US$1 = 6.4642 Chinese yuan renminbi)

(Reporting by Beijing Newsroom; Editing by Alison Williams)

Source: Reuters

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