Neuberger Berman gets Chinese regulatory approval to conduct mutual fund business

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BEIJING (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 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 Sam Shen, Ella Cao and Twinnie Siu, Editing by Louise Heavens)

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