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INSIGHTS

THE RETAILIZATION OF PRIVATE MARKETS IN ALTERNATIVES

BNY Mellon's perspective on how a historic shift in defined contribution plans
and retail asset allocation is accelerating.



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THE ALTA REPORT: ANTICIPATING RATE CUTS

Data-driven analysis of investors’ response to rate cuts as they cut cash and
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SUGGESTED RESULTS



EU DISCLOSURES


DISCLOSURES RELATING TO EUROPEAN DIRECTIVE

Please refer to the below for further information regarding the following BNY
Mellon Group Companies:

BELGIUM
The Bank of New York Mellon SA/NV, a Belgian public limited liability company
and a subsidiary of The Bank of New York Mellon, is registered in Belgium with
Company No. 0806.743.159 Brussels RPM-RPR, V.A.T. BE 0806.743.159 and with its
registered office at Boulevard Anspachlaan 1, B-1000 Brussels, Belgium [e]

 

CHANNEL ISLANDS

BNY Mellon Investment Management (Jersey) Limited is registered in Jersey with
Company Number 111860 and a registered address at 44 The Esplanade, St. Helier,
JE4 9WG, Jersey

The Bank of New York Mellon (CI) Limited is registered in Guernsey with Company
Number 35168 and with its registered address at Regency
Court, Glategny Esplanade, St Peter Port, Guernsey GY1 3DG

Insight Consumer Debt Recovery GP I Limited is registered in Guernsey with a
Company Number of 51878 and a registered address at Trafalgar Court
Les Banques St Peter Port Guernsey GY1 3QL [k]

Insight Consumer Debt Recovery GP II Limited is registered in Guernsey with a
Company Number of 1660 and a registered address at Trafalgar Court
Les Banques St Peter Port Guernsey GY1 3QL [k]

Pershing (Channel Islands) Limited is registered in Jersey with a Company Number
of 107773 and a registered address at PO Box 171, 5 St Andrew’s Place, Charing
Cross, St Helier, Jersey JE4 9RB [o]

 

ENGLAND AND WALES

BNY (Nominees) Limited is registered in England and Wales with its registered
office at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, Company
Number 1970854

BNY (OCS) Nominees Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 3174005

BNY CLASS Nominees Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 3425825

BNY Clearing Nominees Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 3766760

BNY Clients EDS Nominees Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 4867503

BNY Mellon Corporate Trustee Services Limited is registered in England and Wales
with its registered office at BNY Mellon Centre, 160 Queen Victoria Street,
London, EC4V 4LA, United Kingdom, Company Number 2631386 and VAT No. GB 5777 181
95

BNY Firm Nominee Limited is registered in England and Wales with its registered
office at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, Company
Number 3609884

BNY EDS Nominees Limited is registered in England and Wales with its registered
office at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, Company
Number 4867504

BNY GIL Client Account (Nominees) Limited is registered in England and Wales
with its registered office at 160 Queen Victoria Street, London, EC4V 4LA,
United Kingdom, Company Number 3173847

BNY Mellon International Asset Management (Holdings) Limited is registered in
England and Wales with its registered office at 160 Queen Victoria Street,
London, EC4V 4LA, United Kingdom, Company Number 08260807

BNY Mellon Investments Limited is registered in England and Wales with its
registered office at BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V
4LA, United Kingdom, Company Number 3162893 and VAT No. GB 5777 181 95

BNY Mellon Investment Management Europe Holdings Limited is registered in
England and Wales with its registered office at 160 Queen Victoria Street,
London, EC4V 4LA, United Kingdom, Company Number 08312487

BNY Mellon Investment Management (APAC) Holdings Limited is registered in
England and Wales with its registered office at BNY Mellon Centre, 160 Queen
Victoria Street, London, EC4V 4LA, Company Number 4899958 and VAT No. GB 5777
181 95

BNY Mellon Investment Management APAC LP is registered in England and Wales with
its registered office at BNY Mellon Centre, 160 Queen Victoria Street, London,
EC4V 4LA, United Kingdom, Company Number LP015595

BNY Mellon Investment Management Holdings (Germany) Limited is registered in
England and Wales with its registered office at BNY Mellon Centre, 160 Queen
Victoria Street, London, EC4V 4LA, United Kingdom, Company Number 05640740

BNY Mellon Investment Management EMEA Limited is registered in England and Wales
with its registered office at BNY Mellon Centre, 160 Queen Victoria Street,
London, EC4V 4LA, Company Number 1118580 and VAT No. GB 5777 181 95 [a]

BNY Mellon Investment Management Seed Capital Limited is registered in England
and Wales with its registered office at 160 Queen Victoria Street, London, EC4V
4LA, United Kingdom, Company Number 8783393

BNY Mellon Fund Managers Limited is registered in England and Wales with its
registered office at BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V
4LA, Company Number 1998251 and VAT No. GB 5777 181 95 [a]

BNY Mellon International Asset Management Group Limited is registered in England
and Wales with its registered office at BNY Mellon Centre, 160 Queen Victoria
Street, London, EC4V 4LA, Company Number 3755033 and VAT No. GB 5777 181 95

BNY Mellon Nominees Limited is registered in England and Wales with its
registered office at BNY Mellon Centre 160 Queen Victoria Street, London, EC4V
4LA, United Kingdom, Company Number 2019835

BNY Mellon Secretaries (UK) Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 4115131

BNY Mellon Performance & Risk Analytics Europe Limited is registered in England
and Wales with its registered office at 160 Queen Victoria Street, London,
England, EC4V 4LA, United Kingdom, Company Number 01796367

BNY Mellon SV Holdings Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London, England, EC4V 4LA,
United Kingdom, Company Number 14106563

BNY Mellon Trust & Depositary (UK) Limited is registered in England and Wales
with its registered office at BNY Mellon Centre, 160 Queen Victoria Street,
London, EC4V 4LA, United Kingdom, Company Number 3588038 and VAT No. GB 5777 181
95 [a]

BNY MFM Nominees Limited is registered in England and Wales with its registered
office at BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V
4LA, Company Number 2099151

BNY SG Nominees Limited is registered in England and Wales with its registered
office at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, Company
Number 3173844

BNY Special Purpose Nominees No.2 Limited is registered in England and Wales
with its registered office at 160 Queen Victoria Street, London, EC4V 4LA,
United Kingdom, Company Number 806455

BNY Trust Company Limited is registered in England and Wales with its registered
office at BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 2661887 and VAT No. GB 5777 181 95 [a]

BNY TY Nominees Limited is registered in England and Wales with its registered
office at 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom, Company
Number 2737868

Collateral Nominees Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London EC4V 4LA, England,
Company Number 3422258

Europe Nominees Limited is registered in England and Wales with its registered
office at 160 Queen Victoria Street, London EC4V 4LA, England, Company Number
3351608

Falcon (External Clients) Nominees Limited is registered in England and Wales
with its registered office at 160 Queen Victoria Street, London, EC4V 4LA,
United Kingdom, Company Number 3587031

Insight Investment Funds Management Limited is registered in England and Wales
with its registered office at 160 Queen Victoria Street, London, England, EC4V
4LA, Company Number 1835691 and VAT No. GB 5777 181 95 [a]

Insight Investment International Limited is registered in England and Wales with
its registered office at BNY Mellon Centre, 160 Queen Victoria Street, London,
EC4V 4LA, Company Number 3169281 and VAT No. GB 5777 181 95 [a]

Insight Investment Management (Global) Limited is registered in England and
Wales with its registered office at 160 Queen Victoria Street, London, England,
EC4V 4LA, Company Number 827982 and VAT No. GB 5777 181 95 [a]

Insight Investment Management Limited is registered in England and Wales with
its registered office at 160 Queen Victoria Street, London, England, EC4V 4LA,
Company Number 2111149 and VAT No. GB 5777 181 95

Insight Investment Services Limited is registered in England and Wales with its
registered office at 160 Queen Victoria Street, London, England, EC4V 4LA,
Company Number 4471826 and VAT No. GB 5777 181 95

Mellon Europe Pension (Nominees) Limited is registered in England and Wales with
its registered office at BNY Mellon Centre, 160 Queen Victoria Street, London,
EC4V 4LA, Company Number 2304755

Newton Investment Management Limited is registered in England and Wales with its
registered office at BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V
4LA, Company Number 1371973 and VAT No. GB 5777 181 95 [a]

Newton Management Limited is registered in England and Wales with its registered
office at BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA,
Company Number 2769904 and VAT No. GB 5777 181 95

Nutraco Nominees Limited is registered in England and Wales with its registered
office at 160 Queen Victoria Street, London EC4V 4LA, England, Company Number
328897

PCONTROL UK LTD. is registered in England and Wales with its registered office
at BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 4488670

Pershing Holdings (UK) Limited is registered in England and Wales with its
registered office at Royal Liver Building, Pier Head, Liverpool, L3 1LL, Company
Number 4659431 and VAT No. GB 5777 181 95

Pershing Limited is registered in England and Wales with its registered office
at Royal Liver Building, Pier Head, Liverpool, L3 1LL, Company Number 2072264
and VAT No. GB 5777 181 95 [a]

Pershing Nominees Limited is registered in England and Wales with its registered
office at Royal Liver Building, Pier Head, Liverpool, L3 1LL, Company Number
2079368

Pershing Securities Limited is registered in England and Wales with its
registered office at Royal Liver Building, Pier Head, Liverpool, L3 1LL, Company
Number 2474912 and VAT No. GB 5777 181 95 [a]

Stock Lending Collateral (Equity) Nominees Limited is registered in England and
Wales with its registered office at 160 Queen Victoria Street, London EC4V 4LA,
England, Company Number 3482924

Stock Lending Collateral (Gilt) Nominees Limited is registered in England and
Wales with its registered office at 160 Queen Victoria Street, London EC4V 4LA,
England, Company Number 3482927

The Bank of New York (Nominees) Limited is registered in England and Wales with
its registered office at 160 Queen Victoria Street, London, EC4V 4LA, United
Kingdom, Company Number 928736

The Bank of New York Depository (Nominees) Limited is registered in England and
Wales with its registered office at 160 Queen Victoria Street, London EC4V 4LA,
England, Company Number 3227439

The Bank of New York Mellon (International) Limited is registered in England and
Wales with its registered office at BNY Mellon Centre, 160 Queen Victoria
Street, London, EC4V 4LA, United Kingdom, Company Number 3236121 and VAT No. GB
5777 181 95 [l]

The Bank of New York Mellon London Branch is registered in England and Wales
with UK establishments at BNY Mellon Centre, 160 Queen Victoria Street, London,
EC4V 4LA, United Kingdom, and One Canada Square, London, E14 5AL, United
Kingdom, and Branch Number BR000818 [m]

 

FRANCE
The Bank of New York Mellon SA/NV Paris Branch is registered in France with
Company No. RCS Paris 538 228 420 and with its Registered Office at 7 Rue Scribe
(4th floor), 75009 Paris, France. [d][e]

BNY Mellon Fund Management (Luxembourg) SA, Paris Branch is registered in France
with Company No. RCS Paris 848 365 920 and with its Registered Office at 7 Rue
Scribe (4th floor), 75009 Paris, France. Subject to limited supervision by the
French Autorité des Marchés Financiers. [h]

 

GERMANY
The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am
Main is registered in Germany with Registration No. HRB 87912 and with its
Registered Office at Friedrich-Ebert-Anlage 49, MesseTurm, 60327 Frankfurt am
Main, Germany. Branch Management: Katarina Melvan
(Spokesperson), Christoph Stähler. VAT No. DE 267 187 298. [b][e]

BNY Mellon Service Kapitalanlage-Gesellschaft mbH is registered in Germany with
Registration No. HRB 53283 and with its Registered Office at
Friedrich-Ebert-Anlage 49, MesseTurm, 60327 Frankfurt am Main, Germany.
Management: Sascha Zeitz (Spokesperson), Corinne Klopfer. Chairman of the
Supervisory Board: Eric Pulinx. VAT No.DE 218 021 220. [b]

The Bank of New York Mellon Filiale Frankfurt am Main is registered in Germany
with Registration No. HRB 12731 and with its Registered Office at
Friedrich-Ebert-Anlage 49, MesseTurm, 60327 Frankfurt am Main, Germany. Branch
Management: Daniel Cuncic, Christopher Porter. VAT No. DE 114 104 781. [b]

BNY Mellon Fund Management (Luxembourg) SA, German branch
(Zweigniederlassung Deutschland), is registered in Frankfurt am Main with
Registration No. HRB 114390 and with its registered office at
Friedrich-Ebert-Anlage 49, MesseTurm, 60327 Frankfurt am Main, Germany. Subject
to limited regulation by
the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Permanent
representative: Peter Peterburs. VAT No. DE 322 600 332 [h]

Insight Investment Management (Europe) Limited, Niederlassung Deutschland, is
registered in Frankfurt am Main with Registration No. HRB 119643 and with its
registered office at Friedrich-Ebert-Anlage 49, MesseTurm, 60327 Frankfurt am
Main, Germany. Subject to limited regulation by
the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Permanent
representative: Wolfgang Murmann. VAT No. DE 319 840 174


IRELAND
BNY Mellon Fund Services (Ireland) Limited is registered in Ireland with Company
No. 218007 and with its Registered Office at One Dockland Central, Guild Street,
IFSC, Dublin 1, Ireland. VAT No. IE:821 8007W [j]

BNY Mellon Securities Services (Ireland) Limited is registered in Ireland with
Company No. 226748 and with its Registered Office at One Dockland Central, Guild
Street, IFSC, Dublin 1, Ireland. VAT No. IE 8226748O [j]

Pershing Securities International Limited is registered in Ireland with Company
No. 367098 and with its Registered Office at Riverside II, Sir John Rogerson’s
Quay, Grand Canal Dock, Dublin 2, DO2 KV60, Ireland. VAT No. IE: 638 7098K

Pershing International Nominees Limited is registered in Ireland with Company
No. 367099 and with its Registered Office at Riverside II, Sir John Rogerson’s
Quay, Grand Canal Dock, Dublin 2, DO2 KV60, Ireland.

The Bank of New York Mellon SA/NV, Dublin Branch; Riverside II, Sir John
Rogersons Quay, Dublin 2, Ireland is registered in Ireland with external company
number 907126. VAT: IE 9578054E [e]

BNY AIS Nominees Limited is registered in Ireland with Company No. 399670 and
with its Registered Office at Riverside II, Sir John Rogerson’s Quay, Dublin 2,
Ireland. VAT No. IE9698969D

BNY Custodial Nominees (Ireland) Limited is registered in Ireland with Company
No. 21562 and with its Registered Office at Riverside II, Sir John Rogerson’s
Quay, Dublin 2, Ireland.

 

ITALY
The Bank of New York Mellon (Luxembourg) S.A. - Succursale Italiana is
registered in Italy with Company No. Iscrizione REA MI-1840512 and with its
Registered Office at 13 Via Mike Bongiorno, Diamantino Building, 20124 Milano,
Italy. VAT No. 05694250969 [h]

BNY Mellon Fund Management (Luxembourg) SA, Milan Branch is registered in Italy
with Company No. Iscrizione REA 2547765 and with its Registered Office at 13
Via Mike Bongiorno, Diamantino Building, 20124 Milano, Italy. VAT No.
10658840961 [r] [h]

 

LUXEMBOURG
Global Investment Servicing (Luxembourg) S.à r.l. is registered in Luxembourg
with Company No. R.C.S. Luxembourg B137676 and with its Registered Office at
2-4, Rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of
Luxembourg, matricule n°.2008 2412353.

The Bank of New York Mellon SA/NV, Luxembourg Branch is registered in Luxembourg
with Company No. R.C.S. Luxembourg B0105087 and with its Registered Office at
2-4, rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg. VAT No.
LU 23482846. [h][e]

BNY Mellon EMEA Services Holdings S.à r.l. is registered in Luxembourg with
Company No. R.C.S. Luxembourg B223685 and with its Registered Office at 2-4,
Rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg, matricule n°.
2018 2421 406. [h]

BNY Mellon Fund Management (Luxembourg) SA is registered in Luxembourg with
Company No. R.C.S. Luxembourg B28166 and with its Registered Office at 2-4,
rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg. VAT No. LU
21472557 [h]

 

RUSSIA
The Bank of New York Mellon has a Moscow Representative Office which is
accredited with the Central Bank of the Russian Federation, and has been
assigned a tax ID (INN) – 9909134199. Its registered office is located
at Mokhovaya Business Centre, 4/7 Vozdvizhenka Street, Building 2, Moscow,
125009, Russia. [f]


SCOTLAND
Walter Scott & Partners Limited is registered in Scotland with Company No. SC
093685 and with its Registered Office at One Charlotte Square, Edinburgh, EH2
4DR, United Kingdom. VAT No. GB: 577 7181 95 [a]

 

SPAIN
BNY Mellon Fund Management (Luxembourg) SA, Madrid Branch with its Registered
Office at José Abascal, 45 - 4th floor, 28003 Madrid, Spain. VAT No. W0186907B
[g] [h]

 

SWEDEN
BNY Mellon Fund Management (Luxembourg) SA, filial Sverige is registered in
Sweden at Bolagsverkets filial register No. 516422-7508. Registered
address: Östermalmstorg 1, Stockholm, 114 42 No. Subject to limited supervision
by Finansinspektionen [h]


SWITZERLAND
BNY Mellon Investments Switzerland GmbH is registered in Switzerland
at Bärengasse 29, CH-8001 Zürich, Switzerland, Company number CHE-310-721-982
[p]


THE NETHERLANDS
The Bank of New York Mellon SA/NV Amsterdam Branch is registered in the
Netherlands with Company No. 34363596 and with its Registered Office at Claude
Debussylaan 7, 1082 MC Amsterdam, The Netherlands, and VAT Number NL
8214.50.803.B.01 [i][e]

BNY Mellon Fund Management (Luxembourg) SA, Netherlands Branch is registered in
Netherlands with Company No. 73948004 and with its Registered Office at Claude
Debussylaan 7, 1082 MC Amsterdam, The Netherlands, and VAT NL859720548B01 [q][h]

[a] Authorised and regulated by the Financial Conduct Authority

[b] Die Niederlassung fällt unter die Aufsicht der Bundesanstalt für
Finanzdienstleistungsaufsicht (BaFin). (The branch is regulated by BaFin).

[c] Regulated by Bank of Spain

[d] Regulated by Banque de France

[e] Regulated by the National Bank of Belgium (NBB)

[f] Regulated by Central Bank of the Russian Federation

[g] Regulated by Comisión Nacional del Mercado de Valores

[h] Regulated by Commission de Surveillance du Secteur Financier

[i] Part-regulated (under integrity supervision) by De Nederlandsche Bank

[j] Regulated by the Central Bank of Ireland

[k] Regulated by the Guernsey Financial Services Commission

[l] Authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority

[m] The Bank of New York Mellon is supervised and regulated by the New York
State Department of Financial Services and the Federal Reserve and authorised by
the Prudential Regulation Authority. The Bank of New York Mellon London branch
is subject to regulation by the Financial Conduct Authority and limited
regulation by the Prudential Regulation Authority. Details about the extent of
our regulation by the Prudential Regulation Authority are available from us on
request

[o] Regulated by the Jersey Financial Services Commission

[p] Authorised and regulated by FINMA

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