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Northern Trust to pay $36 million in securities lending settlement
trueNorthern Trust Corp. will pay $36 million to settle a class-action lawsuit filed by 1,500 retirement plans that accused the firm of causing large losses stemming from the bank's securities lending program during the financial crisis
Illinois State Board of Investment hunting for securities lending services
trueIllinois State Board of Investment, Chicago, issued an RFP for firms to provide securities lending services for both U.S. and international securities.
Credit Suisse closing securities lending business for institutional investors
trueCredit Suisse is shutting down its managed lending business, which provides third-party agency securities lending services to large institutional investors.
Goldman once again tops list of prime brokers
trueGoldman Sachs remains the top pick for hedge funds and investment firms as their main prime broker, with 27% of respondents, followed by Morgan Stanley (17%) and J.P. Morgan (8%). The data are from Eze Castle Integration's annual global hedge fund technology benchmark study for 2014; there were 194 ...
Oklahoma Teachers issues call for custodians
trueOklahoma Teachers' Retirement System is searching for a firm to provide custodial, securities lending and commission recapture services.
CalSTRS picks firms for securities lending, cash collateral management
trueCalSTRS intends to award contracts to several firms to provide securities lending and cash collateral management services for its equity portfolio.
Markets, new business boost banks' asset-servicing revenue
trueHigher market values and increased mandates were cited by the largest publicly traded banks for the rise in assets under custody and in asset servicing revenues in the second quarter, according to their latest quarterly earnings statements.
Texas Teachers sticks with State Street for custody, securities lending
trueexas Teacher Retirement System rehired State Street Bank for custodial and securities lending services.
Deutsche Bank makes securities lending inroads
trueMore public pension funds are hiring third-party securities lending agents rather than bundling those services with their custodians and Deutsche Bank Agency Securities Lending appears to be getting the lion’s share of the unbundled business.
Devon County Council picks Northern Trust for custody, securities lending
trueDevon County Council Pension Fund, Exeter, England, hired Northern Trust to provide global custody and securities lending services.
Milwaukee Employes' Retirement keeps Northern Trust as custodian
trueCity of Milwaukee Employes' Retirement System rehired Northern Trust for custodian and securities lending services.
NBIM taps Citi for custody, securities lending
trueNorges Bank Investment Management, which oversees the investments of the 5.156 trillion Norwegian kroner ($866 billion) Norway's Government Pension Fund Global, Oslo, hired Citi Global Transaction Services as NBIM's custodian and securities lending agent.
South Carolina Retirement chooses Deutsche Bank for securities lending
trueSouth Carolina Retirement Systems, Columbia, hired Deutsche Bank as its first third-party securities lending agent.
Northern Trust gets SEC subpoena over securities lending program
trueOfficials at Northern Trust Corp. said the company received a subpoena from the Securities and Exchange Commission this month related to the company's securities lending.
Wells Fargo settles securities lending class-action lawsuit
trueWells Fargo & Co. settled a federal class-action lawsuit led by the $132 million Farmington Hills (Mich.) Employees' Retirement System that claimed the bank breached its fiduciary duty when it lost money through its securities lending program, according to court documents.