(Yicai Global) April 1 -- BlackRock, the world's largest asset manager, and Neuberger Berman have filed to set up wholly owned mutual fund businesses in China as they look to replicate their success in the international market.

The pair became the first global asset managers to hand in applications today, the same day that Chinese regulators lifted foreign ownership limits in the securities and public fund management sector. The China Securities Regulatory Commission accepted the submissions, the regulator said on its website, and the two firms confirmed the move with Yicai Global.

In addition to BlackRock and Neuberger Berman, a number of well-known foreign companies are preparing to enter China's public funds sector. As of March 20, 26 wholly foreign owned and joint venture private equity investment fund managers had registered with the Asset Management Association of China, with 78 registered products and a total asset management scale of CNY7.9 billion (USD1.1 billion).

Founded in 1988, BlackRock has more than USD7 trillion worth of assets under management. It registered a Shanghai-based wholly owned PE fund manager in late 2017, which has since started a number of PE funds.

Neuberger Berman is an established international asset management firm set up in 1939. Its managed assets amounted to USD356 billion as of the end of last year. One of its founders, Roy R. Neuberger, is known as the father of mutual funds in the US. The company registered as a private equity fund manager in Shanghai in 2017.

Editors: Tang Shihua, Peter Thomas