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Goldman Sachs, ICBC to form China wealth management joint venture
- Goldman Sachs Asset Management to own 51 per cent of new joint venture
- Chinese regulators have granted preliminary approval for the venture with ICBC Wealth Management
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Goldman Sachs plans to form a wealth management joint venture with state-owned Industrial and Commercial Bank of China (ICBC), becoming the latest foreign lender to take advantage of a further opening up of the country’s financial sector to target rising affluence in mainland China.
Goldman Sachs Asset Management will own 51 per cent of the new wealth management joint venture, with the remaining 49 per cent to be owned by ICBC Wealth Management Company, a ICBC subsidiary formed in 2019.
The joint venture will develop a broad range of investment products for the China market over time, including but not limited to, quantitative investment strategies, cross-border products and innovative solutions in alternatives, according to Goldman.
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“China’s wealth management industry has grown on the back of increased household wealth and continued financial market reform,” said Goldman Sachs Asset Management’s Tuan Lam, whose responsibilities include client management across Asia Pacific excluding Japan.
10:42
China 2020 census records slowest population growth in decades
China 2020 census records slowest population growth in decades
The China Banking and Insurance Regulatory Commission has granted preliminary approval for the establishment of the joint venture.
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