The New York-headquartered firm is looking to roll out its services to a broader range of clients.

Neuberger Berman, the employee-owned investment manager, has opened an onshore business in Shanghai, deepening the firm's commitment to mainland China. 

The firm has opened a wholly foreign-owned enterprise, allowing it to operate an onshore investment management operation in the region, providing it registers with the Asset Management Association of China. Once registered, Neuberger Berman will be able to manage and distribute private funds to a broader client base including private banks, independent wealth managers and local institutions, the firm says. 

“The launch of the WOFE reaffirms the company's long-term commitment to this important market,” Neuberber Berman said in a statement earlier this week. 

Following this development, the firm has made several senior appointments in China. 

Patrick Liu recently joined as head of China and general manager of Neuberger Berman investment management Shanghai. Liu previously worked as chief executive of HFT Investment Management, a joint venture of BNP Paribas and Haitong Securities, one of China's largest brokerage firms. 

Neuberger Berman also bolstered its client coverage team.

William Hui, who previously led Deutsche Asset Management's development business, recently joined as head of China institutional business. He works alongside Marco Tang, head of China retail business, in spearheading the Neuberger Berman's business development efforts in China. 

“As we further expand our investment and client coverage presence in the Asia-Pacific region, China represents a significant growth opportunity for Neuberger Berman,” said Nick Hoar, head of APAC. “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.”