Han Kun advises Goldman Sachs on obtaining CBIRC approval to operate a wealth management joint venture with ICBC
The Goldman Sachs Group announced on June 24, 2022, that it has received approval from China Banking and Insurance Regulatory Commission ("CBIRC") to commence operation of Goldman Sachs ICBC Wealth Management Co., Ltd. ("Goldman Sachs ICBC Wealth Management"), a joint venture wealth management company established by Goldman Sachs and ICBC Wealth Management Co., Ltd. ("ICBC Wealth Management"), a wholly-owned subsidiary of ICBC. The joint venture will launch comprehensive wealth management products and offer diversified services in China, including but not limited to quantitative investment strategies, cross-border wealth management products, and special and innovative solutions.
Goldman Sachs ICBC Wealth Management is domiciled in Shanghai with RMB 1 billion registered capital. The joint venture is owned by Goldman Sachs Asset Management, L.P. ("GSAM") and ICBC Wealth Management holding 51% and 49% of contributions, respectively. GSAM, with about US$ 2.8 trillion worth of assets under management globally as of December 31, 2021, is one of the top-five active asset management companies in the world and a leader in investment fields from currency markets to private equity.
As PRC legal counsel to GSAM, Han Kun was deeply engaged throughout the joint venture's establishment and its preparing to operate. CBIRC's operating approval for the joint venture marks another milestone of Han Kun's asset management services to world-class asset managers in actively responding to China's moves to open up its asset management industry.