Neuberger Berman opens wholly foreign-owned enterprise in Shanghai
Neuberger Berman has announced the opening of a new investment management outlet via wholly foreign-owned enterprise (WFOE) in Shanghai.
The private, independent, employee-owned investment management company, said that the WFOE will allow Neuberger Berman 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, under the Neuberger Berman brand, the company will be able to manage and distribute private funds to a broader client base including private banks, independent wealth management platforms and local institutions, the company said in a statement announcing the move.
As part of the new development, Neuberger Berman said that it has made several senior appointments in China, with industry veteran Patrick Liu recently joining 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. Lui will be based in Neuberger Berman’s Shanghai office.
Nick Hoar, head of Asia Pacific, Neuberger Berman, said that as the company expands its 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 and I’m confident that our China business will attain new heights under Patrick’s leadership,” he said.
In addition to Liu’s appointment, Neuberger Berman said that it has also added to its client coverage team. William Hui, who previously led the development of both the retail and institutional business at Deutsche Asset Management, has joined the company 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.