Neuberger Berman has announced the opening of an investment management wholly foreign-owned enterprise (WFOE) in Shanghai.
The WFOE will allow the investment manager to operate an onshore investment management business in mainland China, subject to the registration with the Asset Management Association of China (AMAC).
Once the registration is complete, Neuberger Berman will be able to manage and distribute private funds to a broader client franchise including private banks, independent wealth management platforms and local institutions.
Given this new development, Neuberger Berman has made several senior appointments in China.
Industry veteran Patrick Liu recently joined the firm as head of China and general manager of Neuberger Berman Investment Management (Shanghai) Limited.
Liu was previously CEO of HFT Investment Management, a joint venture of BNP and Haitong Securities, one of China’s largest brokerage firms. Prior to joining HFT, he held senior roles at Invesco Greatwall Fund Management and Deutsche Asset Management.
In addition to Liu’s appointment, Neuberger Berman has also added senior personnel in its client coverage team.
William Hui, who previously led the development of both the retail and institutional business at Deutsche Asset Management, joined recently as head of China Institutional Business. Hui will work alongside Marco Tang, head of China Retail Business, in spearheading the firm’s business development in China.
All of the recent hires will be based in Neuberger Berman’s Shanghai office.
Nick Hoar, head of Asia Pacific, Neuberger Berman, commented: “As we further expand our investment and client coverage presence in the Asia Pacific region, China represents a significant growth opportunity for Neuberger Berman. We’re glad to have Patrick join us at this important time. I’m confident that our China business will attain new heights under Patrick’s leadership.”