Neuberger Berman’s (NB) Shanghai-based private fund management (PFM) business has received approval to launch the China Resources SZITIC Trust – Neuberger Berman China Equity No 1 Collective Capital Trust Plan Fund, according to records from the Asset Management Association of China.
NB will introduce the fund using its advisory licence in collaboration with Shenzhen-based asset and wealth manager China Resources SZITIC Trust, Amac records show.
FSA contacted NB for more information, but the firm was not able to provide more details in time for publication.
An advisory licence enables a foreign manager to advise domestic fund management firms and distributors on specific investment products. In total, there are at least eight other foreign players holding the licence, including Hong Kong-based Value Partners, Singapore-based APS Asset Management, Winton Capital, UBS Asset Management, Aberdeen Standard Investments, Blackrock, Bridgewater Associates and Fullerton Fund Management, Amac records show.
This is not the first time that Neuberger Berman has partnered with another firm to launch an onshore fund. Earlier this year, it partnered with Beijing-headquartered Galaxy Capital, in which NB acts as an adviser for the Galaxy Capital – Neuberger Berman Xinhuai No 1 Collective Asset Management Plan Fund.
In total, NB manages seven PFM products – four were launched last year and another in 2018, Amac records show. Having a PFM licence allows foreign managers to develop and sell funds investing in onshore assets to domestic qualified investors.
In total, 78 onshore funds collectively having RMB 7.88bn ($1.11bn) in assets have been launched by foreign PFM licence holders as of 20 March, according to a statement from Amac.
Separately, NB also has one qualified domestic limited partnership (QDLP) product, the Overseas Equity Investment No 1 Private Fund, which was registered with the Amac in 2018.
The QDLP programme allows foreign managers to raise money in China, with assigned quotas, to invest in offshore traditional and alternative investments, including overseas equity and bond funds, hedge funds and property.
