Goldman to Wind Down ETF Accelerator, Shift Servicing to Tidal

Goldman Sachs Group Inc. will wind down its ETF Accelerator platform that helped asset managers launch, list and oversee exchange-traded funds, transferring servicing responsibilities for trusts that house about $5 billion of the products to Tidal Financial Group.

Tidal will take over servicing — which can include back-office tasks such as trade-execution support and compliance, among other things — for two trusts that house 12 ETFs launched under the Accelerator unit, the firms confirmed to Bloomberg News.