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Rating:An Aussie Firm Mints Its ETF Biz Here Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 31, 2018

An Aussie Firm Mints Its ETF Biz Here

Reported by Neil Anderson, Managing Editor

Earlier this month, a 120-year-old, government-backed company in Australia entered the ETF business ... by launching its first ever on this side of the Pacific, in the U.S.

On August 15, Richard Hayes, CEO of the Perth Mint, unveiled the Perth Mint Physical Gold ETF (AAAU). The mint teamed up with BNY Mellon as trustee and Exchange Traded Concepts as administrative sponsor. Stay tuned for more ETF news from the mint down the line.

"The Perth Mint will continue to focus on innovation in the ETF space in order to offer investors new and competitive products with a combination of features," Hayes tells MFWire.

The mint, which launched in 1899, is owned and guaranteed by the government of Western Australia, and it lays claim to being the country's "largest fully integrated precious metals refining, minting and depository enterprise." It processes more than 92 percent of the gold mined in Australia, and for more than two decades it has offered a depository business with gold and silver.

Hayes describes launching an ETF here in the U.S. as "a natural progression" for the mint.

"The U.S. is the world's largest financial market, with the ETF sector the most liquid globally," Hayes says. "The U.S. is already our leading market for physical bullion coins and bars, and a third of our depository clients are U.S.-based."

On the allies front, Hayes praises BNY Mellon for its "reputation as a global leader in investment management and services". And he lauds ETC for their "recent successes and expertise demonstrated in bringing white label ETFs to market."

In terms of distribution, Hayes says, ETC will help the mint reach institutional investors and authorized participants. Yet he has broader distribution in mind, too.

"Initially our marketing activity will focus on retail marketing efforts, leveraging a range of digital initiatives," Hayes says. 

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