Reportedly, China has approved the Goldman Sachs Asset Management Unit and Industrial and Commercial Bank of China (ICBC) joint venture to set up a foreign-controlled wealth management firm. The unit of Goldman Sachs Group Inc will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, informed the bank in an exchange filing.
ICBC said it “will be beneficial to the bank’s provision of more diversified and professional wealth management services.”
The collaboration will enhance and develop a broad range of investment products for the Chinese market over time, including cross-border products, quantitative investment strategies, and innovative solutions in alternatives.
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