State Street Global Advisors, the asset management business of State Street Corporation (NYSE:STT), today announced the launch of the State Street Gold Fund, a new unlisted managed fund in Australia.
The State Street Gold Fund seeks to track the performance of the spot gold price (LBMA Gold Price PM in Australian dollars) by investing in securities that are backed by physical gold bullion securely held in vaults in London, New York and Zurich. Management costs for the unlisted managed fund at 0.14% p.a. makes it the lowest-cost gold fund domiciled in Australia.
The State Street Gold Fund has been launched in response to investor demand. ANZ Private Bank, which is responsible for managing more than AU$9bn on behalf of its clients, will be seeding the State Street Gold Fund, as part of a broader change to its strategic asset allocation that includes a debut allocation to…
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