Goldman ICBC Wealth JV CEO Leaves Amid China Growth Pains

Goldman Sachs Group Inc.’s top executive at its wealth venture with China’s biggest bank is leaving and may join a Japanese rival, 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, will step down 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 has been in discussions to join Nomura Holdings Inc. with a similar role to run its securities venture business, the people said, asking not to be identified.