Australian Retirement Trust, one of the nation’s largest super funds boasting over 2 million members, has increased its holdings in casino operator The Star to 53.83 million ordinary shares. The figure represents some 5.65 percent of the voting power in the company.
New South Wales regulations cap the highest amount of voting power for an individual at 10 percent.
The Friday notes comes just days after US-based bank and trust State Street strangely changed their holdings in The Star, increasing their stake to 7.6 percent of voting power, but just a day later decreasing that stake to 6.34 percent of voting power.
The group then again increased its stake in the company, to 7.47 percent of voting power the same day.
Just the previous month the group had purchased nearly 11 million shares to raise its stake to 6.53 percent.
The investments comes as The Star continues to return to compliance as pays out the millions in fines levelled at it by the NSW casino commission and possible further fines by the nation’s financial watchdog.
Financial services firm State Street also this week noted that it was continuing to purchase stock in Australian sports betting firm PointsBet, holding 5.04 percent of voting power in the firm.
State Street administers or is in custody of over $36.7 trillion in assets and $3.5 trillion in assets under management, as of December 30th. It operates in over 100 geographic markets.