Joint venture will develop a range of products for domestic investors
Goldman Sachs Asset Management (GSAM) has gained preliminary approval to form a wealth management joint venture with Industrial and Commercial Bank of China (ICBC).
The US firm will have a majority stake (51%) in the JV, with ICBC Wealth Management, a subsidiary of China’s biggest bank, ICBC, owning 49%, according to a statement by GSAM on 25 May.
The joint venture will develop a broad range of asset management products to domestic investors in China over time, including quantitative investment strategies, cross-border products and innovative solutions in alternatives, the US firm said.
GSAM to form wealth management joint venture in China
GSAM to form wealth management joint venture in China
The Goldman Sachs building in New York
Goldman Sachs Asset Management and a subsidiary of Beijing-based Industrial and Commercial Bank of China have received preliminary approval from regulators to establish a wealth management joint venture, Goldman Sachs said Tuesday.
The joint venture to be 51% owned by GSAM and 49% owned by ICBC Wealth Management will combine GSAM s expertise in investment and risk management with ICBC s strong brand recognition and unparalleled access to retail and institutional clients across China, to create a world-class asset management business, according to a Goldman Sachs news release.
SINGAPORE (The Straits Times/ANN): The former chief financial officer of a crude oil products supplier who worked with three others to dupe eight banks into disbursing about US$320 million (S$424 million) in loans was sentenced on Monday (May 3) to nine years' jail.
The former chief financial officer (CFO) of a crude oil products supplier admitted in a district court yesterday that he worked with three alleged accomplices to dupe eight banks into disbursing about US$320 million (S$424 million) in loans.
Prosecutors said this complex, elaborate and nefarious financial fraud by Ong Ah Huat and his alleged accomplices caused China Merchant Bank (CMB) Singapore to suffer losses totalling about US$10 million.
The seven other banks are in Hong Kong - including Standard Chartered Bank (Hong Kong) and OCBC Ltd (Hong Kong) - and court documents did not disclose the amount of losses they incurred.