Goldman Sachs Group Inc. received approval from Chinese regulators to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass $70 trillion by the end of this decade.
Goldman Sachs Asset Management will hold 51% in the venture, while the wealth arm of Industrial & Commercial Bank of China Ltd., the world’s largest bank by assets, will own the remainder, the firms said on Tuesday.
