Exclusive | US investment manager Neuberger Berman eyes more mutual funds in China after raising US$595 million for its first product
- Neuberger Berman aims to launch another equity-focused fund this year after the success of its first product in China
- The New York-based company wants to build its China unit into a boutique investment manager, top mainland executive Peter Ru says
The New York-based company will launch another equity-focused fund in China targeting onshore shares later this year, most likely in the second or third quarter, a senior company executive said, adding that the firm was simultaneously strengthening its investment and research capabilities in the country.
“We are trying to build our mainland unit into a boutique [investment manager] and [initially] launch only a few products to nurture clients,” Peter Ru, the Shanghai-based managing director and China fixed-income strategy leader at Neuberger Berman, told the South China Morning Post in a recent interview.
International fund managers have been vying for China’s fast growing mutual-fund market, which has grown at a compound annual growth rate of about 20 per cent over the past five years, according to Fitch Ratings.