SHANGHAI/HONG KONG, Nov 18 (Reuters) - Goldman Sachs' majority-owned asset management venture with Chinese state lender Industrial and Commercial Bank of China (ICBC) raised 149.41 million yuan ($20.9 million) in its first product, according to a statement.
The Wall Street bank is the fourth foreign institution to set up a joint venture with a local asset management partner to sell wealth products in China, following Amundi, BlackRock and Schroders.
Goldman Sachs ICBC Wealth Management Co said the product, which invests in equities and adopts quantitative strategies, was officially established on Nov. 17.
It was exclusively distributed by ICBC for 15 days from Oct. 31, during which China's stock and bond markets witnessed massive volatility.
The fund raising was significantly smaller than that of BlackRock's China wealth management venture, which raised 2.4 billion yuan in its first product in September last year, and well below the product's fundraising ceiling of 5 billion yuan.
Since China relaxed foreign ownership rules in its $4 trillion wealth management product market in 2019, global asset managers have rushed to form foreign majority-owned ventures with China's largest lenders.
($1 = 7.1551 Chinese yuan) (Reporting by Samuel Shen in Shanghai and Selena Li in Hong Kong; Editing by Jacqueline Wong and Sam Holmes)
