Goldman Sachs Asset Management has won initial approval for a wealth management joint venture with ICBC, one of China’s largest banks, as Wall Street groups expand their presence in the country.
Goldman will hold a 51 per cent stake in the venture, while ICBC wealth management, a subsidiary of the bank, will own the rest.
Foreign asset managers are rushing to capitalise on China’s vast pool of savings, as the government liberalises its tightly controlled financial system.
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