Goldman romps past JPMorgan in Wall St battle of ETF newbies
But race for slice of US$3 trillion global market is just beginning, and the latter has plenty of time to catch up
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TWO of the financial industry's biggest names - Goldman Sachs and JPMorgan Chase & Co - are in the race for Wall Street supremacy in the US$3 trillion global market for exchange-traded funds.
Goldman Sachs won the first leg by pulling in a couple of billion dollars in ETF assets in a year. But the competition is just beginning, and JPMorgan has plenty of time to catch up. "Goldman clearly has a sizable lead," said Ben Johnson, the Chicago-based director of ETF research for Morningstar Inc. "Goldman did quite a bit of work priming the pump, pre-vetting its strategies with institutional clients. "
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