Neuberger Berman taps HFT Investment CEO to head its China operations

Patrick Liu has joined Neuberger Berman in Shanghai as the New York-based firm's head of China and general manager of the wholly foreign-owned investment management enterprise established there late last year, a spokesman for the firm said.

The position is new.

Mr. Liu comes to Neuberger Berman from HFT Investment Management, a Shanghai-based joint venture between Haitong Securities and BNP Paribas Investment Partners, where he served as CEO.

An HFT spokesman said in an email that as of Feb. 4 Mr. Liu “has stepped down as CEO” and been replaced on an interim basis by current chairman Wenwei Zhang.

Neuberger Berman's new wholly foreign-owned enterprise, its second in Shanghai, will allow the firm to set up investment teams there and raise money from local institutional and high-net-worth clients.

Under its previously established WFOE, Neuberger Berman built up a team of research analysts to cover local equities, but portfolio managers and trading operations for the firm's China A-shares strategies have been based in Hong Kong.

The spokesman said under current regulations, Neuberger Berman will be able to compete with local firms to manage money for institutional and high-net-worth clients in China. With the achievement of a three-year track record for the strategies to be launched, Neuberger Berman will be able to add retail client as well, he said.