China Gives Neuberger Berman Nod to Launch Mutual Funds

Neuberger Berman got the green light from Beijing to start its own mutual-fund business in China, paving the way for the American asset manager to manage money for individual Chinese investors.

The New York money manager joins other foreign companies seeking to grow in China. BlackRock Inc. raised some $1 billion for the first-ever mutual fund solely run by a foreign firm for Chinese individuals. Fidelity International received approval last month.