Goldman Sachs Asset Management (GSAM) is the latest global asset manager to be given the go-ahead to establish a wealth management joint venture (JV) in mainland China.
The firm’s planned JV with Commercial Bank of China has been granted preliminary approval from the China Banking and Insurance Regulatory Commission (CBIRC).
“This joint venture with China’s pre-eminent financial institution will accelerate our objective of establishing a leadership position in one of the world’s largest, fastest-growing wealth management opportunities,” said Tuan Lam, head of the client business for Asia Pacific ex-Japan at GSAM.
According to GSAM, the JV will provide a range of asset management products for domestic investors in mainland China including quantitative investment strategies, alternatives and cross-border products.
It is estimated that the Chinese retail investment market will be worth more than $70 trillion by 2030. It has attracted many of the biggest wealth and asset managers in the world ever since measures were announced in July 2019 by China’s Financial Stability Development Committee to encourage more foreign participation in its domestic market.
Amundi, BlackRock and JP Morgan Asset Management have all been granted regulatory approval for their own wealth management JVs.
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