Goldman Sachs' first product in its onshore asset management venture saw limited demand amid market volatility, raising a fraction of the maximum fundraising ceiling allowed.
Goldman Sachs’ majority-owned asset management venture in mainland China – Goldman Sachs ICBC Wealth Management – raised 149.41 million yuan ($21 million) in its first-ever product, according to a statement, which invests in equities and adopts quantitative strategies.
The product was distributed by state-owned lender ICBC for 15 days starting from October 31.
The funds raised, amid heightened market volatility, accounted for just a fraction of the fundraising ceiling of 5 billion yuan. In contrast, Blackrock’s wealth venture raised 2.4 billion yuan from its first onshore China product in September last year.
