Jun 27, 2022 08:15 PM

FINANCE

Goldman’s China Wealth Management Venture Gets OK to Launch Business

By Kelsey Cheng

A surge in China’s household wealth could translate to more than $16 trillion of inflows to its wealth management market, according to an October research report by Morgan Stanley.

A surge in China’s household wealth could translate to more than $16 trillion of inflows to its wealth management market, according to an October research report by Morgan Stanley.

Goldman Sachs Group Inc. has won approval to start operating its wealth management joint venture with Industrial and Commercial Bank of China Ltd. (ICBC) (601398.SH) in China, the two firms announced.

Goldman Sachs ICBC Wealth Management Co. Ltd. will develop and launch a series of wealth management products for the Chinese market, including cross-border products and those based on quantitative investment strategies, the U.S. investment bank said in a statement on Friday.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Innovation Takes Off at Flying Vehicle Expo

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: How China’s Crypto Ban Makes Disposing of Seized Assets a Lot Harder

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: China’s Factory Exodus Is Turning Vietnam Into the World’s Assembler

2: Meituan Enters Open-Source AI Race With LongCat Model

3: Ex-UBS Banker in Hong Kong Jailed 10 Years for Laundering $17.2 Million

4: End of U.S. Tax Exemption Hits Chinese Air Cargo Carriers Differently

5: China Rolls Out Subsidized Consumer Loans to Boost Spending

SPONSORED

OR