Fund is the first of its kind to be backed by physical gold which is, in turn, guaranteed by the Government of Western Australia
New York, August 16, 2018 — BNY Mellon, a global leader in investment management and investment services, has been selected by Exchange Traded Concepts, the administrative sponsor, and The Perth Mint, Australia’s largest precious metals refining, minting and depository enterprise, to provide trustee services for its newly launched Perth Mint Physical Gold ETF (NYSE: Arca: AAAU). The fund will be unique to the marketplace in that it will be the first gold exchange-traded fund (ETF) that is backed by pure gold where that physical gold is guaranteed by a sovereign entity and offers shares that can be exchanged with The Perth Mint for physical gold.
“We are excited to work together with The Perth Mint to bring this unique and innovative fund offering to the market,” said Jeff McCarthy, Chief Executive Officer of Exchange Traded Funds for BNY Mellon's Global Structured Products and Alternative Investment Services business, “This latest collaboration further demonstrates our commitment to, and proven track record of, supporting ETF issuers and helping their products grow in new markets.”
Established almost 120 years ago, The Perth Mint is renowned as a fully integrated producer of premium precious metals. AAAU shares are backed by physical gold with a purity of at least 99.5 percent and secured within The Perth Mint’s network of central bank grade vaults in Western Australia. The Perth Mint may, on rare occasions, store the gold in other highly secure vaults. All the gold held on behalf of AAAU is guaranteed by the Government of Western Australia.
About The Perth Mint
The Perth Mint is the trading name of Gold Corporation, the Custodial Sponsor and Custodian of the Perth Mint Physical Gold ETF (NYSE Arca: AAAU). It is wholly owned and guaranteed by the Government of Western Australia. The Perth Mint is Australia’s largest fully integrated precious metals refining, minting and depository enterprise. Its refinery is one of a select group globally that is accredited by the five major gold exchanges, being the London Bullion Market Association (LBMA), New York Commodities Exchange (COMEX), Shanghai Gold Exchange (SGE), Tokyo Commodities Exchange (TOCOM) and Dubai Multi Commodities Centre (DMCC). Processing more than 92 percent of the gold mined in Australia, the world’s second largest producer of gold after China, its total production capacity is in excess of 800 tons of gold per year. The Perth Mint also operates the most extensive network of central bank grade vaulting facilities in the southern hemisphere, where it safeguards precious metals worth billions of dollars on behalf of investors. As one of Western Australia’s top five exporters, The Perth Mint distributes approximately USD 14 billion of precious metal bars and coins to more than 130 countries annually, which is equivalent to over 10 percent of the world’s annual gold production.
About Exchange Traded Concepts
Exchange Traded Concepts (ETC) is the leading investment advisor with a turnkey ETP platform that provides time sensitive and cost-effective methods to bring an Exchange Traded Fund to market. Seasoned ETF professionals have the experience plus the industry expertise required to navigate the complexities of launching, marketing, distributing and managing an ETF. ETC provides firms with the guidance necessary to maintain full regulatory compliance. With 27 funds and more than $5.5 billion in AUM, ETC is the recognized leader in helping firms develop intelligent investment solutions within the ETF universe for all types of asset classes.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of June 30, 2018, BNY Mellon had $33.6 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.