Goldman launches European ETF business to cash in on passive boom

LONDON, Sept 26 (Reuters) - Goldman Sachs Asset Management launched a European Exchange Traded Fund (ETF) business and its debut product on Thursday, as it bids to take a bigger slice of the fast growing market for listed passive investment strategies.

The first ETF is the Goldman Sachs ActiveBeta U.S. Large Cap Equity UCITS ETF, a European version of the bank’s $6.5 billion flagship U.S. product.

Goldman said it planned to launch a range of ETFs providing access to a number of markets, asset classes and investment styles over the next six months.

The ETFs are designed to be complementary to GSAM’s active fund range and used as part of broader, diversified portfolios. (Reporting By Sinead Cruise; editing by Simon Jessop)