ICBCCS was founded in June 2005 as a Qualified Domestic Institutional Investor by Industrial and Commercial Bank of China, Credit Suisse and COSCO.

Demand for equity mutual funds in China had fallen sharply since mid-2004 due to poor stock market returns.

[2][5] In September 2009, battered by losses because of falling shipping rates, COSCO sold its 20% stake in ICBCCS for $37.8 million to raise cash.

The acquisition was seen as a sign of consolidation in the industry of China where domestic companies were acquiring more control from their foreign partners over their JVs.

It was named ICBC Credit Suisse Asset Management (International) and was licensed by the Securities and Futures Commission.