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[SYDNEY] ANZ Banking Group said on Tuesday it would launch six exchange traded funds (ETFs) linked to currency, gold and equities, the first of Australia's major banks to venture into the fast-growing A$18 billion (S$18.8 billion) domestic ETF market.
ANZ, Australia's third largest lender by market value, is partnering with London-based ETF Securities to launch the fund, Danny Laidler, co-head of ANZ ETFs, told reporters.
The ETFs will be backed by the bank's deposits and physical gold stored in its Singapore vault. The bank is considering launching similar products in other Asian countries, Mr Laidler said.
The value of Australian exchange-traded products has jumped 60 per cent in the past year due to increased demand for relatively low-risk but high yielding investments amid low interest rates.