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Goldman Sachs' asset management unit launches European ETF business

Goldman Sachs Group Inc. unit Goldman Sachs Asset Management LP launched a European exchange-traded fund business and said it plans to introduce a range of ETFs over the next six months, Reuters reported.

The business' first such product is the Goldman Sachs ActiveBeta U.S. Large Cap Equity UCITS, or undertakings for collective investment in transferable securities, according to the newswire. This ETF is a European version of the $6.5 billion flagship U.S. product of the New York-based lender.

The ETFs will give investors access to a number of markets, asset classes and investment styles, Reuters noted. The launch is part of Goldman Sachs' move to cash in on the burgeoning market for listed passive investment strategies.