JERSEY CITY, N.J., Nov. 28, 2016 /PRNewswire/ -- BNY Mellon's
Pershing today announced that they have launched BMO®
Gold Deposit Receipts (GOLDRs®), a book-entry solution
for investors who want bullion in their brokerage account without
experiencing the inconveniences that typically accompany purchasing
and storage. GOLDRs represents one of many solutions offered to
Pershing clients who are seeking to serve the financial needs of
high-net-worth investors.
GOLDRs®, which may be held within a brokerage
account, represent an investor's ownership in one ounce of
fully-allocated physical gold bullion held at the Royal Canadian
Mint. The bullion is stored in a regulated gold depository backed
by the Canadian government, with no annual fees, tracking errors or
derivatives that may be found in gold tracking exchange-traded
funds (ETFs).
The solution is the first of its kind to allow bullion to be
held in a brokerage account, providing new opportunities for
advisors to offer an alternative means for their clients to invest
in gold, outside of traditional ETFs or private storage. As part of
the offering, bullion can be conveniently redeemed for cash at spot
market levels twice a day and can be delivered to an investor upon
request. In addition, there are no investment minimums to take
advantage of this solution, and investors can purchase gold bullion
in quantities as small as a single ounce on the spot market.
"This is an innovative solution that has been developed to
provide investors with easy access to physical gold; with a number
of benefits relative to both private storage and gold tracking
ETFs, including no annual fees," said John
Goodheart, managing director of trading services at
Pershing.
"As markets continue to fluctuate and the geopolitical
environment remains unstable, this market-leading solution enables
investors to gain convenient and cost-effective access to gold
bullion. The ability to hold GOLDRs® in a brokerage
account also allows advisors to gain a more holistic view over
client assets, enabling them to provide more comprehensive
investment advice," added Goodheart.
To learn more about GOLDRs®, please contact the
Structured Solutions Desk at (212) 815-5600. Visit
www.pershing.com/wealth for additional information on BNY Mellon's
Pershing wealth solutions.
About BNY Mellon's Pershing
BNY Mellon's Pershing and
its affiliates provide global financial business solutions to
advisors, asset managers, broker-dealers, family offices,
registered investment advisor firms and wealth managers. A
financial services firm located in 23 offices worldwide, BNY
Mellon's Pershing provides business-to-business solutions to
clients representing 6 million active investor accounts on the U.S.
platform. Pershing affiliates are members of every major U.S.
securities exchange, and its international affiliates are members
of the Deutsche Börse, Australian Stock Exchange, Irish Stock
Exchange, London Stock Exchange and Toronto Stock Exchange.
Pershing LLC (member FINRA/NYSE/SIPC) is a BNY Mellon company.
Additional information is available on pershing.com, or follow
us on Twitter @Pershing.
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 and more than
100 markets. As of Sept. 30, 2016,
BNY Mellon had $30.5 trillion in
assets under custody and/or administration, and $1.72 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). Learn more
at bnymellon.com. Follow us on Twitter @BNYMellon or visit our
newsroom at bnymellon.com/newsroom for the latest company
news.
Paul Patella
+1 201 413 3609
paul.patella@pershing.com
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SOURCE BNY Mellon