US-based international banking and financial services firm BNY Mellon has been contracted to deliver a suite of asset services for Goldman Sachs Asset Management (GSAM)’s newly-launched European UCITS ETFs.
Under the contract, BNY Mellon will provide its ETF solutions supporting ETF Order Management, PCF Production and AP Servicing, along with fund accounting, transfer agency, depository, custody, paying agent and common depository solutions.
BNY Mellon EMEA ETF services head Robert Rushe said: “We are delighted to support GSAM’s launch into the European ETF market. Our appointment bears testament to the quality of our ETF-specific technology, our scale and our team of ETFs experts. It also underscores our commitment to growing our ETF business in markets around the world.”
BNY Mellon provides financial services and investment services in 35 countries
GSAM has recently launched its first ETF fund Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF into the European market, which marks the first in a range of funds under the Irish Collective Asset-management Vehicle (ICAV).
GSAM has started its US ETF business in 2015, which turns up to hold more than $14bn in assets under management. The company intends to use International Central Securities Depository (ICSD) model for its new Irish UCITS fund.
BNY Mellon is a common depository with International Central Securities Depository (ICSD) capabilities, and services approximately $2.9 trillion (£2.3 trillion) assets in the ICSD model.
In addition, BNY Mellon has been working with ETF managers in the UK and Ireland, following regulatory and infrastructure developments driven by Brexit.
GSAM European ETF business head Peter Thompson said: “GSAM ETFs will be smart, simple and accessible. The suite of products we plan to launch in the coming months will enable our clients to build diversified global portfolios using a mix of active and passive investment styles. We are pleased to be working with BNY Mellon for ETF servicing on this product range.”
BNY Mellon claims that it provides financial services for institutions, corporations, and individual investors, along with informed investment management and investment services in 35 countries.
