NEW YORK – SEPTEMBER 29, 2020 – Goldman Sachs Asset Management (GSAM) today announced that it has entered into an agreement to acquire the sponsorship of the Perth Mint Physical Gold ETF (AAAU), which will expand its $19 billion ETF platform. This product, GSAM’s first commodity ETF, will enable investors to access gold exposure at a competitive fee of 18 basis points.1
The Perth Mint Physical Gold ETF, which GSAM anticipates will be renamed at closing to the Goldman Sachs Physical Gold ETF, provides the opportunity to invest in gold. The ETF holds physical gold and seeks to provide investors exposure to the commodity and will now benefit from the global platform and resources of Goldman Sachs.
“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. “Our goal at GSAM is to continue to give investors thoughtful and cost-effective ways to diversify their portfolios, and we believe this fund is an attractive addition to GSAM’s growing ETF suite.”
The ETF is currently listed on NYSE Arca. Upon closing, it is expected that GSAM will become the sole sponsor of the fund and a new third-party custodian will be appointed. The transaction is expected to close in the fourth quarter, subject to customary closing conditions.
About Goldman Sachs Asset Management, L.P. (GSAM)
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which supervises more than $1.8 trillion in assets as of June 30, 2020.2 Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Patrick Scanlan | Goldman Sachs | 212-902-5400