Schroders Exits China Fund Management, Sells Products to Neuberger Berman
Schroders' Strategic Exit and Asset Transfer
By Selena Li
Schroders' Exit from China Fund Unit
HONG KONG, May 15 (Reuters) - Schroders is exiting its wholly-owned China fund unit and has reached a deal to sell its products to Neuberger Berman, three people with knowledge of the matter said, as the British fund manager looks to move out of smaller operations.
Background on Recent Shareholder Approval
The moves comes a month after Schroders shareholders approved a 9.9 billion pound ($13.2 billion) sale of one of London's historic fund houses to U.S. rival Nuveen to create one of the world's largest active fund managers.
Details of the Deal with Neuberger Berman
Transfer of Fund Products
U.S. asset manager Neuberger' wholly-owned China unit has reached a deal with Schroders to takeover the fund products from Shanghai-headquartered Schroders Fund Management (China), which was launched in 2023, said the sources.
Financial Details and Commentary
Financial details of the deal were not immediately known.
All the sources declined to be named as they were not authorised to speak to the media. Schroders and Neuberger declined to comment.
($1 = 0.7492 pounds)
Reporting and Editorial Credits
(Reporting by Selena Li，additional reporting by Iain Withers in London; Editing by Sumeet Chatterjee and Toby Chopra)
