Goldman wins approval for wealth management venture with ICBC in China
Foreign asset managers are rushing to capitalise on the opening of China’s $54-trillion financial industry
25 May 2021 - 18:12
Goldman Sachs Group received approval from Chinese regulators to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass $70-trillion by the end of this decade.
Goldman Sachs Asset Management will hold 51% in the venture, while the wealth arm of Industrial & Commercial Bank of China (ICBC), the world’s largest bank by assets, will own the remainder, the firms said on Tuesday...
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