Goldman Sachs’ asset management joint venture with Industrial and Commercial Bank of China raised Rmb149.41m ($20.9m) from its debut product.
The product, known as the Shengxin Junzhi Private Bank Exclusive Quantitative Equity Wealth Management Product Series 1, invests in equities and adopts quantitative strategies.
The US bank is the fourth foreign institution to set up an asset management joint venture to sell wealth products in China after Amundi, BlackRock and Schroders.
Its fundraising was smaller than BlackRock’s China wealth management joint venture, which raised Rmb2.4bn for its first product in September last year.
Beijing relaxed the rules in 2019, allowing global asset managers to acquire majority stakes in their wealth management joint ventures.