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ANZ eyes $14bn domestic exchange traded funds market

Australia and New Zealand Banking Group (ANZ) has formed a joint venture (JV) with the UK-based ETF Securities to enter the A$18bn ($14bn) domestic exchange traded funds (ETF) market.


Called ANZ ETFS Management, the JV will be based in Sydney and would launch six ETFs on the Australian Stock Exchange.

The ETFs have been developed for Australian investors and self-managed super funds and are linked to currency, gold and equities.

ANZ said that the transparent and cost-effective products provide exposure to commonly traded equity, commodity as well as foreign exchange benchmarks.

ETFs that are linked to US dollar and the Chinese renminbi will be listed through deposits at ANZ, and gold bullion for the physical gold ETF would be stored in the bank’s vault in Singapore.

ANZ Global Wealth CEO Joyce Phillips said: "ETFs are increasingly being used by our customers as an important, often tactical, part of their portfolios.

"ANZ Wealth will continue to offer these, as part of innovative investment solutions, to our customers."

Marking ANZ’s entry into the Australian ETF market, the JV harnesses the securities expertise of its global markets business.

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."

Image: ANZ world headquarters in Queen Street, Melbourne. Photo: courtesy of Biatch/ Wikipedia