Ms Brake said Mr Johnston’s appointment is an “important senior role” for the fund. “Toby is a deeply experienced and highly regarded investment and economics professional with global expertise,” Ms Brake said. “His appointment further bolsters the agency’s strategic investment capabilities and will enrich the quality and value of the advice we provide to the board as it navigates the new investment world.”

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CBA first announced the CFS divestment to KKR for $1.7 billion last May, but faced backlash from the unions with the ACTU arguing it would not be in the best interest of members for CFS to be majority owned by a foreign private equity firm. The completion of the transaction is expected to result in a pro forma uplift to the Group’s CET1 ratio by 30 to 40 basis points. Earlier this month, the big four banks confirmed NPAT of $2.2 billion for the quarter in an unaudited trading update, while also noting increases to household deposits (up 12 per cent to $20.4 billion), home lending (up 7.6 per cent to $10.1 billion) and business lending (up 13 per cent to $3.1 billion).

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Within the first 15 minutes on the market, the ETF experienced a surge in demand from investors. Trading volumes in that initial period are estimated to be around $8 million, which puts it on par with the record-setting first day trading volume of Hyperion’s Global Growth Companies Fund. However, that figure quickly tripled. Trading volume for the CRYP ETF was estimated to have reached approximately $28 million by 1pm.

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Fifty-two per cent of sustainable investment options with a five-year track record were found to have outperformed their category peers, said Morningstar global head of manager selection Grant Kennaway. “This is encouraging for investors looking to build environmental, social, and governance portfolios that align with their values, knowing that they won’t sacrifice returns when compared with investments in mainstream funds,” said Mr Kennaway. According to Morningstar, 144 sustainable funds were available to investors in Australia and New Zealand. No new funds were launched during the quarter, putting 2021 on track to be the slowest year for new sustainable funds since 2014.

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