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Old Mutual Global Index Trackers lists emerging markets ETF on NYSE


Old Mutual Global Index Trackers has listed the GlobalShares FTSE Emerging Markets Fund on the NYSE.

The fund will offer a “Zero Fee, Zero Cost” arrangement for a limited period.

Old Mutual will cap the fund’s operating expenses (other than brokerage or other transaction-related expenses, taxes, interest, litigation expenses and other extraordinary expenses) at zero basis points until the earlier of 31 January 2010 or until the net assets of the fund equal or exceed USD1bn.

This will be the first emerging market fund launched with such a zero cost waiver. Upon expiration of the “Zero Fee, Zero Cost” arrangement, the adviser has agreed to contractually waive a portion of its fees and/or reimburse expenses, such that the net expense ratio is capped 0.39 per cent until at least 31 January 2012.
According to Tendai Musikavanhu (pictured), managing director and chief executive officer of Old Mutual Global Index Trackers, the firm is committed to be the first originating from an emerging market nation to manage global and ETF products.
The company plans to introduce a suite of up to four other global and emerging market ETFs to the US in early 2010.

Musikavanhu says: “Our intention is to provide clients with low cost, low tracking error access to global markets. We believe our competitive advantage is that our operating costs are largely at emerging market prices.
“GlobalShares is a new fresh brand and Old Mutual Global Index Trackers is an unfamiliar name to most US investors, but we are confident that our tracking capabilities and our desire to hold a position as a low-cost index advisor will enable us to gain traction in this market.”
Old Mutual Global Index Trackers is a South Africa-based asset management business with offices in Boston and London. The firm was established in 2001 and Old Mutual became the majority shareholder in 2006. Originally focused only on the South African market, the company registered with the US Securities and Exchange Commission and launched its range of global, emerging market and bond indices tracker solutions in 2009.

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