Neuberger Berman, a global investment manager, is to offer private fund products in China.
The firm is opening an investment management wholly foreign-owned enterprise in Shanghai, subject to the registration with the Asset Management Association of China, the firm said in a statement.
Patrick Liu has been appointed as head of China and general manager of Neuberger Berman Investment Management (Shanghai). He joins from HFT Investment Management, a large Chinese brokerage firm.
William Hui has been appointed as head of institutional business. He joins from Deutsche Asset Management where he was led the China global client group.
AMAC confirmation will allow the firm to manage and distribute private funds to Chinese clients including private banks, independent wealth management platforms and local institutions.
Neuberger follows other firms, Fidelity and UBS Asset Management, who have also been granted WFOE licenses this year to operate in China.