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BNY Mellon to provide European ETF servicing for Goldman Sachs

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BNY Mellon has been appointed by Goldman Sachs Asset Management (GSAM) to deliver a suite of asset services for its newly-launched European UCITS ETFs.

In addition to BNY Mellon’s market leading ETF solutions supporting ETF Order Management, PCF Production and AP Servicing, they will also provide fund accounting, transfer agency, depository, custody, paying agent and common depository. 
 
GSAM launched its first ETF fund into the European market – Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF – on 26 September. This is the first in a range of funds under the Goldman Sachs ETF ICAV structure. GSAM began its US ETF business in 2015 and now has over USD14 billion in assets under management.

GSAM chose the International Central Securities Depository (ICSD) model for its new Irish UCITS fund.
 
As a Common Depository with International Central Securities Depository (ICSD) capabilities, BNY Mellon services approximately USUSD2.9 trillion assets in the ICSD model and has been working with ETF managers in the UK and Ireland as they move to this structure, following regulatory and infrastructure developments driven by Brexit.
 
“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,” said Peter Thompson, Head of GSAM’s European ETF Business.
 
“We are delighted to support GSAM’s launch into the European ETF market,” says Robert Rushe, Head of ETF services for EMEA at BNY Mellon. “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.”

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