Caixin
Jun 27, 2022 08:15 PM
FINANCE

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

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.

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