Goldman Sachs + Industrial and Commercial Bank of China
Goldman Sachs
New York City · 1 relationship
Active relationship
Joint Venture · 2021–present
Industrial and Commercial Bank of China
Beijing, Beijing · 1 relationship
Analysis
Goldman Sachs ICBC Wealth Management is a Sino-foreign wealth-management joint venture between Goldman Sachs Asset Management and ICBC Wealth Management, the wholly owned wealth-management subsidiary of Industrial and Commercial Bank of China. ICBC's approval announcement set the contribution ratio at 51% for Goldman Sachs Asset Management and 49% for ICBC Wealth Management, and described a scope covering public and private wealth-management products, entrusted-asset investment and management, and financial advisory and consulting. [1]
The venture moved from approval to operation in 2022. ICBC disclosed that the former China Banking and Insurance Regulatory Commission had approved commencement of operations on June 24, 2022, while the company's own license update records a June 17, 2022 approval date and a Shanghai office. The license update also lists public-offering and private-placement wealth-management, advisory and consulting, and ordinary derivatives and foreign-exchange-related services within the permitted scope. [2] [3]
Its public product architecture combines international and local investment capabilities. Goldman Sachs ICBC Wealth Management describes fixed-income, mixed-asset and equity offerings, including the Shengjing and Shengxin series, and says the products combine Goldman Sachs investment experience with local research and practice. Those descriptions establish the intended operating model, but do not by themselves guarantee performance or suitability for any investor. [4]
The first disclosed product provides an early operating datapoint. China Securities Journal reported that the first product, launched on November 17, 2022 and distributed exclusively through ICBC, had raised RMB149.41 million; the report described it as a quantitative equity product for private-bank clients. The public sources reviewed confirm the ownership, regulatory scope and product launch, but do not provide a complete current assets-under-management series. [5] [2]
Participants
Continue through either entity
New York City · 1 record in this database
Goldman Sachs began in New York in 1869, when Marcus Goldman opened a small business buying and selling merchants’ promissory notes. The firm’s history describes Goldman as an intermediary between small borrowers and institutional lenders, with early activity concentrated among wholesale jewelers, leather merchants, and tanners in Lower Manhattan. [1] Samuel Sachs joined the business as a junior partner in 1882, and the firm adopted the Goldman, Sachs & Co. name in 1888. [2]
The firm expanded from commercial paper into securities underwriting, trading, and investment banking as its clients and geographic reach grew. [1] Goldman Sachs remained a partnership for most of its first century, with a short period as a joint-stock association in the 1920s. [3] The partners voted to take the firm public in 1998, and The Goldman Sachs Group, Inc. began trading on the New York Stock Exchange on May 4, 1999; the initial offering involved 69 million shares and raised approximately $3.657 billion. [4]
Goldman Sachs currently organizes its principal activities around Global Banking & Markets and Asset & Wealth Management, supported by Platform Solutions and digital financial platforms. [5] Global Banking & Markets includes investment banking, financing, FICC, and equities activities, while Asset & Wealth Management provides asset-management, alternatives, private-wealth, private-banking, and lending services. [5] [6] Goldman Sachs reported $58.3 billion in 2025 net revenue and $3.6 trillion in assets under supervision, according to its 2025 annual report. [5]
Industrial and Commercial Bank of China
Beijing, Beijing · 1 record in this database
Industrial and Commercial Bank of China Limited (ICBC) is a Chinese commercial bank whose official history dates its establishment to January 1, 1984. [1] The bank was wholly restructured as a joint-stock limited company on October 28, 2005 and was listed simultaneously on the Shanghai Stock Exchange and the Hong Kong Stock Exchange on October 27, 2006. [1] [2]
ICBC’s 2025 business overview says the bank serves more than 14 million corporate customers and more than 780 million individual customers with financial products and services. [1] The same overview presents corporate banking, personal banking, financial technology, and digital transformation as continuing areas of development, and says the bank directs its activities toward manufacturing, inclusive finance, rural revitalization, green finance, and support for the real economy. [1]
ICBC’s public service structure includes personal banking, corporate banking, e-banking, and bank-card services. [3] Its 2025 A-share annual-report materials show total assets of RMB 53,477,773 million at year-end, equivalent to approximately RMB 53.48 trillion, and net customer loans and advances of RMB 29,712,359 million. [4] The bank’s scale and dual listing make it a major institution in China’s domestic financial system as well as a participant in cross-border banking and settlement. [2] [4]