The delayed Chinese wealth management Goldman Sachs-ICBC joint venture reportedly replaces its originally planned head because of ongoing investigations.
Yin Zhongjie, deputy general manager of ICBC’s private banking unit, has been named the head of the delayed Goldman-ICBC joint venture, according to a «Caixin» report.
Yin will ostensibly replace Gu Jiangang, who was the originally planned head of the joint venture that is 51 percent owned by Goldman Sachs Asset Management, with the remaining 49 percent held by ICBC’s wealth unit.
Gu Jiangang
Gu, 56, a general manager in ICBC’s asset management division, was appointed to lead the new business unit in June 2021.
According to the report, the reason for the change is unclear but some sources suggest it is possibly linked to investigations of two ex-ICBC wealth managers who reported to Gu.
Chinese regulators approved the Goldman-ICBC wealth management joint venture in May 2021. It was originally scheduled to launch six months afterward.
