Goldman Sachs, ICBC to Form China Wealth Management Joint Venture
(26 May 2021 – China) Goldman Sachs and ICBC have received preliminary approval from the China Banking and Regulatory Commission to establish a wealth management joint venture in mainland China.
Goldman Sachs Asset Management will own 51 percent of the venture, with the remaining 49 percent to be owned by ICBC Wealth Management Company, a ICBC subsidiary formed in 2019.
The venture will develop a broad range of investment product including quantitative investment strategies, cross-border products and innovative solutions in alternatives.
The joint venture is “to create a world-class asset management business,” said Goldman Sachs, as it “will combine Goldman Sachs Asset Management's expertise in investment and risk management with ICBC's strong brand recognition and unparalleled access to retail and institutional clients across China.”
“China’s wealth management industry has grown on the back of increased household wealth and continued financial market reform,” said Tuan Lam, a partner at Goldman Sachs Asset Management with responsibilities for client management across Asia Pacific ex-Japan.
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