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Matheson Advises HANetf on the Establishment of a Physically Backed Precious Metal Programme

KEY CONTACT(S): Alan Keating, Turlough Galvin, Kevin Smith, Margot Carty
PRACTICE AREA GROUP: Finance and Capital Markets, Tax, Listing Services, Structured Finance and Securitisation
DATE: 24.02.2020

Matheson recently advised HANetf, an independent exchange-traded fund (ETF) and exchange-traded commodity (ETC) specialist working with asset management leaders to bring differentiated, modern and innovative ETF and ETC exposures to investors via an independent white label platform, in connection with the establishment of a physically backed precious metal products programme in partnership with The Royal Mint (the world’s largest export mint, supplying coins, medals, gifts and investment opportunities to the UK and overseas countries).  The initial product to be launched under the programme, a gold ETC (The Royal Mint Physical Gold Securities ETC (RMAU)), will be backed by gold bullion, made available to investors across Europe and will list on the London Stock Exchange.  Under the partnership between The Royal Mint and the specialist white label ETF issuer, HANetf will issue, manage and distribute the RMAU.  The founders of HANetf have extensive knowledge of gold investment products and were co-founders and owners of the first company that invented a gold ETF and other commodity ETFs.

This is the first ever listed financial product to be backed by The Royal Mint and the first physically gold backed ETC to be launched in partnership with a European Sovereign Mint.  The product will complement The Royal Mint’s existing range of precious metal products (including gold, silver and platinum) and is designed to offer investors an effective way to access the gold market as it tracks the physical price of gold.  The physical gold backing the ETC will be securely stored in The Royal Mint’s vault, a purpose-built precious metal storage facility in Llantrisant near Cardiff, South Wales, which is one of the UK’s most secure sites with around the clock security that also accommodates the production of Royal Mint Bullion.  This is a differentiating feature of the RMAU as most other gold ETCs custody their gold at commercial banks.  The RMAU additionally allocates gold that has been sourced on a best endeavour basis from the London Bullion Market Association Responsible Sourcing program. 

Alan Keating, Partner in Matheson’s Finance and Capital Markets Department, commented:

“We were delighted to work with the HANetf team on the establishment of this exchange-traded physically backed precious metal products programme on behalf of The Royal Mint.  The programme demonstrates HANetf’s commitment to the ETF and ETC industry as a whole and to providing cutting edge offerings to its customers.”

Alan Keating and Turlough Galvin led the Matheson team acting on the transaction and were assisted by Tax partner, Kevin Smith, Finance and Capital Markets associates, Micheál Buckley and Bláthnaid Martin and Listing Executives, Margot Carty and Yvonne Lappin.

 

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