Bank of New York Mellon has picked up a key mandate, having been appointed by the Commonwealth Bank (CBA) as the depository bank for its American Depositary Receipt (ADR) program.
The mandate follows on from BNY Mellon’s long-standing relationship with CBA, where it has acted as depositary for the bank’s 144A Depositary Receipt program, which makes available restricted securities to qualified institutional buyers.
The CBA ADRs represent one ordinary share and trade on the over-the-counter market.
While not having a strategic asset allocation might be ‘uncomfortable’ for some investors, the Future Fund believes its unique investment approach helps the fund capture long-term value ahead of the curve.
The sovereign wealth fund grew $11.5 billion in the March quarter, according to its latest portfolio update, having previously voiced caution about inflation’s downward trajectory.
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
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