Loading ...HSBC will have to share custody with JPMorgan of $52 bln in gold bars
LONDON, Dec 1 (Reuters) – JPMorgan will join HSBC in storing bullion for the world’s biggest gold-backed exchange-traded fund (ETF), the fund’s operator said on Thursday, ending its rival’s sole guardianship of the $52-billion stash of gold.
The change, which begins on Dec. 6, is a boon for JPMorgan, which could rake in millions of dollars of storage fees.
HSBC had been the sole custodian for SPDR Gold Trust, also known as GLD, since it launched in 2004. The bank currently stores about 910 tonnes of gold for GLD in London — around a quarter of all the gold held for ETFs globally.