BEIJING (Reuters) - 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.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 ($23.20 million).
($1 = 6.4642 Chinese yuan renminbi)
(Reporting by Beijing Newsroom; Editing by Alison Williams)
Price
|
Change
|
5d. change
|
Capi.
| ||
|---|---|---|---|---|---|
| 766.6 USD | +0.86% | +2.26% | 114B | ||
