HONG KONG SAR - Media OutReach - 29 November 2022 - Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the firm has received approval from the China Securities Regulatory Commission (CSRC) to begin operations managing local currency mutual funds for domestic Chinese clients.

Neuberger Berman is the second global institution to receive final approval to launch a wholly owned, newly established mutual fund business.

"We are honored to now be able to broadly serve Chinese investors in local markets, as we have operated in other important global markets over our 85-year history. Our long-term investment performance and ESG leadership were at the core of our mutual fund company application and will enable us to be a positive force for Chinese investors, issuers, markets and the global community," said Patrick Liu, CEO of Neuberger Berman Fund Management (China) Limited.

Mr. Liu further said: "We are honored to be the second global asset manager approved to begin our mutual fund business operations in China. China is the world's second largest capital market and the country's commitment to opening up to high-quality financial services will bring significant opportunities for local investors."

Neuberger Berman has been expanding its Shanghai-based professional team including, most recently, adding Michelle Wei. Ms. Wei, who joined in October 2022, has been driving the Fund Management Company's strategic planning and in 2023 will assume the role of Chief Investment Officer - Equities of the FMC, spearheading the development of investment strategy, managing the equity research team, providing supervision to the investment process, and overseeing asset allocation and risk management across equity portfolios.

Apart from the appointment of Michelle Wei, Neuberger Berman recently made other senior appointments in Asia and in China. Charles Nguyen, Managing Director, Public Equities ESG Investing, will be relocating from New York to Shanghai to lead Neuberger Berman's ESG efforts across Asia. In July 2022, the firm appointed Edward Fang as Head of ESG Research for the FMC. The local platform also includes fixed income and quantitative strategies led by long-tenured Neuberger Berman portfolio managers Peter Ru and Ping Zhou, respectively.

All information is as of June 30, 2022 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/timeline includes the history of all firm subsidiaries, including predecessor entities and acquisitions.

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