Absa Capital, the investment banking division of Absa Bank Ltd, announced today that the issuer of the NewGold Exchange Traded Fund (ETF), NewGold Issuer Limited, has appointed Brink’s Limited (Brink’s) as the safe custody custodian of NewGold’s gold bullion holdings.
The reason for the change was the limitation in the safe custody capacity of the previous custodian, in light of significant increase in NewGold’s holdings of gold and the predicted continued growth of such holdings.
NewGold is the largest ETF in South Africa with R8.7 billion under management.
NewGold’s gold bullion has been transported to the safe vault premises of Brink’s in England where they have assumed physical control of the gold bullion with effect from 16 February 2009.
Brink’s is a global leader in business and security services serving banks, retailers, governments, mines, refiners, metal traders, diamantaires and jewellers through more than 800 facilities in 50 countries on 6 continents.
About Absa Capital
Absa Capital, a division of Absa Bank Limited (Absa) and affiliated to Barclays Capital, is a leading South African investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.
About Absa Capital ETFs and Index Products
Absa Capital is a leading originator of exchange traded funds (ETFs) in the South African market. The investment bank listed and operates NewRand, the first ETF in South Africa based on a proprietary investible index (the NewRand Index, comprising rand hedge stocks with the highest correlation with the Rand/USD exchange rate), as well as NewGold, the first and only gold ETF in South Africa as well as the largest ETF in the SA market with R8.7 billion in assets under management.
Absa Capital ETFs are listed on the JSE Ltd and can be traded at any time throughout the course of the day. Typically, ETFs try to replicate a stock market index such as the FTSE/JSE Top 40 Index, a market sector such as resources or financials, or a commodity such as gold.
Brink's, Incorporated, a subsidiary of The Brink's Company, is a global leader in business and security services serving banks, retailers, governments, mines, refiners, metal traders, diamantaires and jewellers through more than 800 facilities in 50 countries on 6 continents - an unrivalled global footprint that delivers incomparable security, efficiency and visibility across the logistics lifecycle.
Founded in 1859, Brink's has evolved from a leading armoured transportation service carrier to a premier provider of secure transportation and logistics solutions around the world. Brink's global leadership is founded on a heritage of trust and has earned a reputation as the most reliable name in secure logistics. Today, thousands of companies across the globe entrust Brink's with the secure armoured transportation and management of their most precious assets.
Brink's is an authorized depository for Nymex/Comex and an official vault operator in the Dubai Gold & Commodities Exchange and Mumbai NCDEX. Brink's is an approved weigher of the London Bullion Market Association and its vaults are utilised by clearing members of the London Bullion Market. Through its professional vault officers, Brink's is a recognised authority on the acceptable standards for gold bars. Brink's forms part of the LBMA committee that adjudicates on the criteria for the London Good Delivery Bar.