(Bloomberg) — Goldman Sachs Group Inc.’s top executive at its wealth venture with China’s biggest bank has resigned, people familiar with the matter said, as foreign firms struggle to gain a foothold in the country’s asset management market amid deepening economic strains. Alex Wang, chief executive officer of Goldman Sachs ICBC Wealth Management, is leaving after almost 15 years at Goldman’s asset management affiliate in China, the people said, asking not to be identified because the matter isn’t public. He is in discussions to join Nomura Holdings Inc. with a similar title to run its securities business, the people said, asking not to be identified. Goldman will replace Wang with Zhang Yumeng, who took up a job as managing director at investment research firm Morningstar Inc. in January, one of the people said. He was formerly head of China at Legal & General Group, having also worked at Ping An Asset Management and Mercer International. Goldman Sachs’ spokeswoman in Hong Kong declined to comment. Wang, who was also previously head of private wealth management in China onshore at Gao Hua Securities Co., didn’t respond to requests for comment. Zhang and Industrial & Commercial Bank of China Ltd. couldn’t be reached for comment outside business hours. Wang’s departure comes three years after Goldman’s 51%-owned venture was allowed to roll out wealth management services in 2022. Although the tie-up with ICBC will aid product distribution on the mainland, it remains unclear how much it will overlap or compete with the Chinese lender’s own wealth management unit, one of the people said. Global firms have launched wholly-owned fund management units in China, but scaling up has proved difficult amid a sluggish stock market and intense competition from powerful domestic players that offer tailored, lower-cost products. Western firms may find it challenging to match the deep-rooted networks and regulatory rapport that the local incumbents have enjoyed, while a regulatory push to lower management fees has further squeezed margins. New York-based Goldman’s China wealth push was built on expectations of rising demand from a growing affluent class. It previously estimated Chinese households will have 450 trillion yuan ($63 trillion) in investable assets by 2030, with around 60% flowing into non-deposit products such as securities, mutual funds, and bank wealth management, according to a 2021 announcement when it established the venture with ICBC. But demand has waned as consumers hoard cash amid a prolonged property slump and mounting US–China tensions, sharply curbing investment appetite. Meanwhile, Nomura has scaled back its original focus on China wealth, cutting staffing by about two-thirds in the business over the past two years to prioritize an expansion in brokerage and asset management in the world’s second largest economy, people familiar said earlier. The Tokyo-based firm has been seeking in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
The CEO of the joint venture between Goldman Sachs and ICBC Wealth has departed due to challenges related to expansion and increasing competition.
