GSAM to form wealth management joint venture in China
GSAM to form wealth management joint venture in China
The Goldman Sachs building in New York
Goldman Sachs Asset Management and a subsidiary of Beijing-based Industrial and Commercial Bank of China have received preliminary approval from regulators to establish a wealth management joint venture, Goldman Sachs said Tuesday.
The joint venture to be 51% owned by GSAM and 49% owned by ICBC Wealth Management will combine GSAM s expertise in investment and risk management with ICBC s strong brand recognition and unparalleled access to retail and institutional clients across China, to create a world-class asset management business, according to a Goldman Sachs news release.