独家专访！美国资管巨头最新发声：一直高配中国！

Core Insights - The chairman and CEO of Neuberger Berman, George H. Walker, emphasizes that the firm has been overweighting China in its investment strategy compared to benchmarks, indicating a long-term commitment to the Chinese market [1][10] - Walker notes that while the valuation of U.S. tech stocks is becoming expensive, the critical question for investors is not whether to invest, but how to invest effectively [1][11] - The global asset management industry is witnessing a significant rise in actively managed ETFs, with Neuberger Berman's active ETF business growing to approximately $2.5 billion [4][6] Company Overview - Neuberger Berman, founded in 1939, manages assets totaling $558 billion, equivalent to approximately 3.97 trillion RMB, and operates in 26 countries and 39 cities [2] - The firm has a strong presence in both public and private markets, with $358 billion in public market assets and $150 billion in private market assets [2] Investment Strategy - The firm has been focusing on diversifying investments and maintaining a robust risk management framework, especially in light of past financial crises [3] - Walker highlights the importance of transparency and tax efficiency in investment products, noting that actively managed ETFs are gaining traction due to these factors [5][6] Market Trends - The growth of actively managed ETFs is outpacing that of passive ETFs, indicating a shift in investor preferences towards more actively managed strategies [6] - The firm anticipates that the global AUM (Assets Under Management) for active ETFs will grow from $1.4 trillion in June 2025 to $4.2 trillion by 2030 [6] Client Focus - Neuberger Berman aims to align its compensation structure with client interests, ensuring that deferred compensation is tied to client performance rather than the firm's stock price [7] - The firm recognizes the increasing interest from Chinese insurance companies in global asset allocation strategies, particularly in a low-interest-rate environment [8] Geopolitical Considerations - Walker suggests that foreign investors will require time to increase their allocation to Chinese assets, despite recent positive developments in U.S.-China trade relations [10]