The proposed joint venture will seek to make use of the experience of Goldman Sachs Asset Management in investment and risk management as well as Goldman Sachs Group’s expertise with respect to fintech, quantitative analysis, and investment banking, in combination with ICBC’s influence as a brand, alongside its capital strength and customer base within China.
ICBC Wealth Management was one of the first bank wealth management subsidiaries to launch in China, obtaining approval for operation on 20 May 2019. The peak value of ICBC Wealth Management products has previously breached 1.46 trillion yuan (CNH). Goldman Sachs Asset Management had approximately USD 2.2 trillion in assets under management as of the end of the first quarter of 2021, according to the press release.
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