HONG KONG, April 18, 2017 /PRNewswire/ -- Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the opening of an investment management wholly foreign-owned enterprise (WFOE) in Shanghai. The launch of the WFOE reaffirms the company's long-term commitment to this important market.
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, 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. Mr 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, Patrick held senior roles at Invesco Greatwall Fund Management and Deutsche Asset Management. 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."
Patrick Liu commented: "I'm excited to join Neuberger Berman and help lead the company in the Asia Pacific region. Neuberger Berman's diverse investment capabilities, places us in a strong position to build both our investment capabilities and our client business in China. I look forward to leading the team as we embark on our next phase of growth in this important market."
In addition to Mr. 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. William will work alongside Marco Tang, Head of China Retail Business, in spearheading the firm's business development in China.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman's team is more than 1,900 professionals. The company was named the #1 firm in Pensions & Investments 2016 Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $255 billion in client assets as of December 31, 2016. For more information, please visit our website at www.nb.com.
All information is as of December 31, 2016 unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman LLC).
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SOURCE Neuberger Berman