The asset management subsidiaries of Industrial and Commercial Bank of China (ICBC) and Wall Street investment bank Goldman Sachs have just executed a memorandum of cooperation for the establishment of a joint-venture.
ICBC Wealth Management Co., Ltd. (工银理财有限责任公司) and Goldman Sachs Asset Management signed the memorandum of cooperation at a ceremony held in Shanghai on 10 June 2021.
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, making it the largest bank wealth management platform in China.
Goldman Sachs Asset Management had approximately USD$2.2 trillion in assets under management as of the end of the first quarter of 2021.
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.