On 24 June 2022, Goldman Sachs and Industrial and Commercial Bank of China Limited announced that their joint venture Goldman Sachs ICBC Wealth Management Co., Ltd. (Goldman Sachs ICBC Wealth Management) obtained approval from China Banking and Insurance Regulatory Commission (CBIRC) for operations. Goldman Sachs ICBC Wealth Management, registered in Shanghai, is the fourth China-foreign wealth management company approved by the CBIRC, with a registered capital of RMB 1 billion.
Goldman Sachs ICBC Wealth Management was jointly established by Goldman Sachs Asset Management, L.P. and ICBC Wealth Management Co., Ltd. (ICBC Wealth Management), with contributions from the two accounting for 51% and 49%, respectively. The joint venture will engage in asset management-related business such as offering public and private financial products and financial advisory services.
As the sole legal counsel to the preparatory team of Goldman Sachs ICBC Wealth Management in this project, King & Wood Mallesons (KWM) worked on all the preparation for its commencement of operations. This project represents KWM's another undertaking in assisting in wealth management subsidiaries in responding to the financial sector’s opening-up policy. The KWM antitrust team, as the counsel on antitrust matters for ICBC Wealth Management, has represented ICBC Wealth Management in antitrust filing in China and coordinated the related matters in several jurisdictions outside China.
This project was led by partners Su Zheng and Liulinlin, and supported by the antitrust team led by partner Chai Zhifeng.
