Goldman Sachs Group has announced that it will set up a domestic asset management joint venture with ICBC, one of China’s “big four” state-owned commercial banks, in the fourth Sino-foreign JV asset management company of its kind to date.
The announcement on 25 May came as China continues to open up its financial market, with the JV being approved by the China Banking and Insurance Regulatory Commission.
Lead partner
King & Wood Mallesons
King & Wood Mallesons (KWM) and Paul Weiss advised ICBC and Goldman Sachs, respectively, on the transaction.
Goldman Sachs Asset Management, the principal investment arm of Goldman Sachs Group, will own 51% of the new JV, with the remaining 49% owned by ICBC Wealth Management, a wholly owned subsidiary of ICBC. All foreign asset managers took a majority stake in the three previously approved asset management JVs formed by Bank of China and Amundi, China Construction Bank and BlackRock, and Bank of Communications and Schroders.
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