NewGold to be offered in Botswana
Reuters | Fri, 09 Oct 2009 09:15[miningmx.com] -- The head of exchange traded funds at Absa Group's investment banking arm plans to secondary-list its star ETF NewGold in Botswana in early 2010 to test investor appetite as it expands in Africa. Vladimir Nedeljkovic, head of ETF's and index products at Absa Capital, told Reuters in an interview on Thursday the unit also planned to launch new ETFs and products in its core South African market as more investors ditch equities and seek safe-haven assets in a global downturn. "It seems on the investor side, people are starting to understand the advantages of ETFs. So I think (given) the state of the industry, now we're at the point where it's really going to start growing quite dramatically," Nedeljkovic said. "We're looking at secondary-listing NewGold in Botswana ... If that works, then we have a very good established base to have more products and much faster, and that will apply to all the other markets. We'll be as aggressive as we can." ETFs, which are listed and traded on a securities exchange, track an index, sector or commodity and offer medium to long-term investment returns with relatively little risk. NewGold is the largest ETF in South Africa, with around 52.5 tonnes of gold bullion in assets. Nedeljkovic said Absa Capital also planned to launch commodity-based exchange traded notes by the beginning of 2010, which would be expanded to cover other asset classes including currencies and fixed income.
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