American investment management firm Neuberger Berman has obtained approval from Asset Management Association of China (AMAC) to start private fund management operations in the country.

The licence will allow the company’s Shanghai subsidiary, named Neuberger Berman Investment Management (Shanghai), to manage private funds and raise assets directly from institutional and HNW investors in China.

Neuberger Berman Patrick Liu head of China said: “This is a very important milestone for Neuberger Berman and we are delighted to be one of the first firms to secure this license. We are committed to building a leading investment management firm in China, offering our customized product solutions in equities, fixed income, multi-asset, quantitative investing and alternatives.”

Neuberger Berman head of Asia Pacific Nick Hoar commented: “Neuberger Berman has made significant progress across the Asia Pacific region in the past few years. China represents a tremendous opportunity for us and we are committed to adding local resources across different functions including Portfolio Management, Legal and Compliance, Marketing and Research.”

Recently, the investment manager appointed Peter Ru as senior portfolio manager to bolster its fixed income capabilities in China.