Goldman Sachs to Form Wealth Management JV with ICBC
Posted on 05/25/2021
Goldman Sachs won preliminary approval from the China Banking and Insurance Regulatory Commission for a wealth management joint venture to serve customers in China. The venture is owned 51% by Goldman Sachs Asset Management and 49% by a subsidiary of the state-owned Industrial and Commercial Bank of China called ICBC Wealth Management. The joint venture will develop a broad range of investment products for the mainland China market over time. Goldman Sachs’s plans to hire more than 400 employees in Hong Kong and mainland China.