DR NEWS
Putting the focus on the big emerging markets of Brazil, Russia, India and China, The Bank of New York has created a new BRIC Select ADR index, made up of American depositary receipts from these countries.
“This new index reflects the increasing interest in and growth of companies in leading emerging markets and provides investors with a daily snapshot of investment performance,” says Christopher Sturdy, executive vice president of the bank’s depositary receipt division.
The Bank of New York is depositary for 1,230 American and global depositary receipt programs, a 64% market share. “As the world’s largest depositary bank, we have been at the forefront of helping companies in emerging markets access new sources of capital and increase their visibility with global investors,” Sturdy says.
The BRIC index is a subset of The Bank of New York ADR index, which is the only index to track all depositary receipts, New York shares and global registered shares that trade on the New York Stock Exchange, the American Stock Exchange and Nasdaq.
The indexes are calculated on a continuous basis throughout each trading day and are capitalization-weighted.
Separately, Franklin Templeton Investments last month launched the Templeton BRIC fund, which will be managed by Mark Mobius. The fund will be benchmarked to the MSCI BRIC index, which was introduced by MSCI Barra in December 2005. The fund must invest at least 80% of its assets in BRIC companies.
GP