US asset manager Neuberger Berman announced that its first retail fund in China, the China Guardian One-year Holding Bond Fund, has been approved for sale.
The fund is a fixed income plus fund, which invests in domestic fixed income securities with a portion of the fund in equities.
“The investment strategy is based on Neuberger Berman’s experience in asset allocation in the global market,” said Patrick Liu, CEO of Neuberger Berman Fund Management (China).
“Through the strategic allocation made by the investment team’s risk parity model and our active management ability, we aim to build a fund with a lower risk rating for investors.”
Neuberger Berman got the go-ahead for a wholly-owned mutual fund business in China in November.
It then submitted the application for its first retail fund to the China Securities Regulatory Commission on 26 December.
Neuberger Berman is the second foreign fund management company in China to offer funds to retail customers in China.
So far, among fund management companies in China, Blackrock, Neuberger Berman, Fidelity and Manulife have submitted their fund launch application.
In August 2021, Blackrock launched the first-ever public mutual fund run by a foreign asset manager.
The Blackrock China New Horizon Mixed Securities Investment Fund raised Rmb6.68bn ($972.1m) for the initial launch.
