Goldman Sachs AM purchases first ever commodity ETF

Etats-Unis
On the 09/30/20 at 7:38AM

by

Adrien Paredes-Vanheule

GSAM is stepping into the gold asset class.

US company Goldman Sachs Asset Management (GSAM) on Tuesday announced that it has entered into an agreement to acquire the sponsorship of the Perth Mint Physical Gold ETF, guaranteed by Western Australia government. The transaction is expected to close in the fourth quarter. This product, providing exposure to physical gold, forms GSAM’s first commodity ETF and will expand GSAM's $19bn ETF platform.

The Perth Mint Physical Gold ETF, launched in 2018 and currently tallying $481.4m in assets, will be renamed at closing to Goldman Sachs Physical Gold ETF.

“Our team aimed to respond to investor demand for an asset class that has demonstrated resilience and popularity with innovative features at a competitive price,” said Michael Crinieri, GSAM’s global head of ETF Strategy.

The ETF is currently listed on NYSE Arca. Upon closing, GSAM will become the sole sponsor of the fund and a new third-party custodian will be appointed.