There is a scene at the end of The Lion King, where His Majesty holds his new baby above the valley of Pride Rock’s precipice, and proudly presents his successor to the rest of the animal kingdom. If an exchange-traded fund (ETF) were tangible, cub-sized, and not afraid of heights, our recent field trip to the New York Stock Exchange (NYSE) on January 12th could be described in much the same way.

As part of the campaign launch for a new client, DPR was invited to join Tendai Musikavanhu, the CEO of Old Mutual Global Shares Index Trackers (OMGxT) and his team to the ringing of the opening bell at the NYSE. OMGxT launched the first ETF originating from Africa. The company, which was established in South Africa and focuses on emerging markets, is a division of a $400 billion + asset management firm.

Not to play favorites, but this client’s story had held my interest even before the royal ringing of the bell. South Africa has made a critical transition from a developing economy to an emerging market. Emerging markets are proof of globalization and a good barometer of where world economies are headed. As a student of international relations at Tufts, I came across the g-word more than once.

What’s more, the concept of transition and development are themes prevalent in the work I do today. I joined Dukas PR less than a year ago, transitioning from a newly minted college graduate to a member of the asset management team. Although I had some communications and agency experience, the extent of my financial knowledge at the time was capped at balancing my check book. Aside from some fiscally irresponsible purchases (a bedazzled sponge holder), my financial knowledge has since grown exponentially. Emerging markets are hot, and with reporters always looking for new sources, we had a lot of success pitching Musikavanhu’s story – to CNBC, the Wall Street Journal, Forbes and many other top outlets.

Arriving at the ringing of the opening bell, we were immediately escorted by security through narrow hallways to the top floor conference hall, where a catered breakfast and various representatives awaited us. We were honored to meet Consul General Fikile Magubane from South Africa. Since the African continent is generally not a source of positive financial news, being listed on the NYSE marked a milestone for OMGxT and South Africa as a whole. Fikile Mugabane’s speech passionately embraced South Africa’s progress.

At 10 minutes to the opening bell, we entered the trading floor. Frazzled looking creatures in striped jackets and spotted vests roamed the floor, seeking others from their packs to congregate at central terminals and satisfy their need for a market update. Photographers flooded the stage on the second floor, where Tendai and his team stood holding the intangible ETF high above their heads, ready to present it to the world. Once the bell was rung, there was a thunderous applause, and then the herds went back to their terminals.

- Alexandra Levis

Tweet This Post  Delicious This Post  Facebook  Stumble This Post 

No comments »