GSAM European ETF Ready for Lift Off

Goldman Sachs Asset Management launches new ETF 

The GSAM European ETF is a sign that Goldman Sachs is expanding its role on the passive investing craze.

Goldman Sachs Asset Management has launched a European Exchange Traded Fund (ETF) business. The fund is part of the ongoing shift from active to passive management. GSAM European ETF would capitalize on large institutional clients seeking a shift to lower fees.

Meanwhile, the Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF (GSLC) will be the European version of its U.S. flagship fund. That latter fund has an AUM of $6.5 billion.

GSAM European ETF Launch

GSLC has listed on the London Stock Exchange. It has a management fee of 0.14%. However, that figure is five basis points higher than its U.S. counterpart.

“Our global clients are demanding more choice in their portfolios, and we are excited to complement our existing fund range with ETFs that we believe can help simplify portfolio construction and contribute to superior risk-adjusted returns,” said Nick Phillips, GSAM’s head of the international retail client business.

Also, GSAM is reporting planning to launch several new products over the next six months. The company’s head of GSAM’s European ETF business, Peter Thompson further explained what clients are seeking and the opportunity.

“The funds will be relevant to both retail and institutional clients,” said Thompson. “This is a significant addition to our international product offering, and we are tremendously excited to enter the fast-growing European ETF market.

Other GSAM Notes

Finally, as we noted this morning, GSAM appointed Sheila Patel as chairman of the group. Hired in 2003 by Goldman, Patel was most recently co-head of Equities Distribution in Asia.

Meanwhile, Goldman’s Luke Sarsfield will replace Patel. He will join Craig Russell as a co-head of asset management. Sarsfield is the global head of the financial institution’s group.

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November 20, 2019

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