Wells Fargo Getting Into The ETF Business
Looks like another one of the big banks is getting into the ETF business.
This shouldn't come as a huge surprise, although it may be surprising it hasn't happened sooner. Wells Fargo has been in the fund business for a while, but may be looking to expand its financial footprint even further.
Big banks don't have a necessarily great track record of gaining footprint in the ETF space. JPMorgan has about $38 billion in assets, while Goldman Sachs has about $18 billion. From there, you're down to insurance companies with a few billion in assets, but nothing major.
BNY Mellon launched an ETF recently with a 0% expense ratio, but even that has gained minimal attention.