British asset manager Schroders transfers its China fund business to Neuberger Berman as part of a broader $13.2bn sale to Nuveen.
Schroders is withdrawing from its wholly owned fund management business in China, transferring products to Neuberger Berman. The move is tied to a $13.2bn sale of Schroders to Nuveen, creating one of the world’s largest active fund managers.
The Shanghai-based unit, launched in 2023, managed 1.7 billion yuan ($249.89m) in assets as of March, a fraction of Schroders’ global $1.1tn. Regulatory approval for the China business was secured in early 2023 amid Beijing’s push to open its financial sector.
Schroders is also exploring the sale of its China fund unit’s license, with South Korea’s Mirae Asset Financial Group among interested parties. The exit does not affect Schroders’ other China ventures, including a wealth management joint venture.