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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.

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