Goldman ICBC Wealth JV CEO Leaves Amid China Growth Pains
(Bloomberg) – Goldman Sachs Group Inc.’s attempt to reserve with the largest bank of China, the senior manager, with the deepening of economic strains of foreign companies to fight to gain a basis in the country’s asset management market, Japanese opponent can join and join the Japanese opponent.
Alex Wang, Chairman of the Goldman Sachs ICBC Asset Management, will resign as a subsidiary of asset management in China almost 15 years later, said people, said that the issue is not defined because it is not open to the public. With a similar role to carry out the entrepreneurship business, the securities have discussed to join Nomura Holdings Inc.
Goldman said he would take its place with Zhang Yumeng, who started to work as China General Manager at the investment research research company Morningstar Inc. in January. He was the president of China at Legal & General Group, who had previously worked in Ping A Asset Management and Mercer International. Appointment is subject to approval.
The spokesman of Goldman Sachs in Hong Kong refrained from commenting. Gao Hua Securities Co.’da Previously the president of the field of Special Servet Management in China in China, Wang did not respond to comments. Zhang and China Ltd.’s Industrial and Commercial Bank could not be reached to comment outside their working hours.
Wang’s separation comes three years after the attempt of 51%of Goldman was allowed to provide reserve management services in 2022. Although the association with ICBC will help the product distribution in the mainland, China remains unclear how the lender will ride or compete with its own asset management unit.
Global companies have started their fund management units in China, but it was difficult in the midst of a stagnant stock market and intense competition, one of the strong domestic players offering special, low -cost products. Western companies may find it difficult to match rooted networks and regulatory harmony with local officials, while regulating print margins for lower management fees further squeezed.
The New York -based Goldman’s Chinese reserve pressure was built on the expectations of increasing demand from a growing rich class. Previously, it was estimated that it would have an investment that can be invested in 450 trillion yuan (63 trillion dollars) in assets that can be invested by 2030, and approximately 60% of it was flowing to non -deposit products such as securities, investment funds and bank reserve management, according to the 2021 statement when it was founded with the ICBC.
However, the demand decreased by assembling consumers’ long -term property decrease and us -by assembling the tensions of the child, and sharply reducing the investment appetite. As of December 2024, the Goldman ICBC initiative manages 28.2 billion Yuan and has launched more than 100 products, including cross -border investments within the scope of RMB fixed income and quantitative strategies.
In the meantime, Nomura said that in the last two years, the staff cut about two -thirds of the work in the last two years to give priority to an expansion in China’s largest economy and asset management.
The Tokyo -based company is looking for a new executive board for the work of securities in China, since its joint venture has been faced with the pressure of visiting the performance after publishing losses every year since its establishment was established in 2019. He could have been sure that the expertise of appealing to the rich Japanese would help to provide an advantage in China, the wealth business “Compertte“ Compertte, protection and protection, protection, protection, protection, preservative.
Last year, the rival UBS Group AG also postponed its plans to build its own investment fund business in China due to a large capital commitment and a dim snow. In 2020, China was considering an independent fund platform after abolishing foreign property restrictions.
(Adds AUM in paragraph 8.)
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