eSecLending, a leading global securities lending agent, announced today it recently conducted a securities lending auction of $43 billion in US equities for the California Public Employees’ Retirement System (CalPERS). CalPERS awarded Citi exclusive borrowing access to $28 billion of the assets through a bidding process in May 2012. The remaining assets were awarded to other participating bidders and to eSecLending’s discretionary lending program.
“We are very excited about the results of the recent US equity auction,” said Dan Kiefer, Opportunistic Portfolio Manager for CalPERS. "eSecLending’s auction process once again optimized our assets in a transparent and disciplined manner. We look forward to working with Citi in the coming term.”
“We are thrilled to have won these assets and deepen our relationship with CalPERS”, said Alan Pace, Head of Prime Finance in the Americas at Citi. “This win is a testament to the growth we have experienced in our Prime Finance franchise as well as our continued commitment to provide our clients with access to the highest quality borrow.”
Securities lending plays a significant role in today’s global capital markets. The practice improves overall market efficiency and liquidity, provides a critical element for hedging, acts as a useful tool for risk management in trading and investment strategies and helps to facilitate timely settlement of securities. With the balance of securities on loan at the end of April 2012 exceeding $1.9 trillion globally, securities lending has evolved from a back office operational function to an investment management and trading discipline.
eSecLending is an independent global securities lending agent providing customized securities lending solutions for institutional investors worldwide. The company’s innovative approach has introduced investment management practices to the securities lending industry, offering beneficial owners a compelling alternative to traditional pooled lending programs. Their differentiated process facilitates best execution by utilizing a transparent, disciplined and repeatable auction process to determine their clients’ optimal securities lending strategy. In addition to outperformance, their approach provides clients with greater transparency and control, allowing them to more effectively monitor and mitigate risks.
Additional information may be found at www.eseclending.com
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
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