ANZ Banking Group has formed a joint venture with London-based ETF Securities to launch a range of exchange traded funds (ETFs) for Australian investors and self-managed super funds.
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The new A$18bn ($14bn) joint venture, named ANZ ETFS Management (ANZ ETFS), will list six new securities on the Australian Securities Exchange (ASX) that will be linked to currency, gold and equities.
The ETFs will include three smart beta funds tied to the US and Australian share markets and three remaining funds linked to US dollar and the Chinese renminbi via deposits at the bank and ANZ’s gold bullion stored at its Singapore vault.
ANZ ETFS will be based in Sydney and will have employees from both ANZ and ETF Securities with ETF Securities’ head of Australia and New Zealand Danny Laidler being appointed as co-head and head of distribution while Adam Smith, director of business execution at ANZ Global Markets, serving as co-head and COO of the joint venture.
ETF Securities founder and chairman Graham Tuckwell said: "Australia was amongst the pioneers of ETFs over a decade ago, but since then has watched overseas markets adopt them more widely and faster.
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By GlobalData"We believe this is now changing as Australian investors embrace ETFs, investing record levels over the last year. They are recognising ETFs’ multiple advantages, especially intelligent and low cost access to a broad range of benchmarks.
"This is why we are excited to be partnering with ANZ to offer a new and comprehensive ETF platform, delivering more choice and greater access to Australian investors."
