Securities lending

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  1. 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.

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  1. Pension funds lose securities lending suit against Wells Fargo

    trueWells Fargo & Co. did not breach its fiduciary duty when several pension funds lost money through the bank's securities lending program, a federal court judge in St. Paul, Minn., has ruled.

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  2. PBGC issues call for custodian

    truePension Benefit Guaranty Corp. issued an RFP for a custodian for its $60 billion in trust fund investment assets.

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  3. BNY Mellon settles with Pa. funds, stays on as custodian

    trueBank of New York Mellon will pay a total of $19 million in a settlement with the $49.4 billion Pennsylvania Public School Employees' Retirement System, $25.7 billion Pennsylvania State Employees’ Retirement System and the Pennsylvania state treasury over losses the three sustained in an investment ...

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  4. Chicago teachers divides custody, securities lending assignments

    trueChicago Public School Teachers' Pension & Retirement Fund hired Bank of New York Mellon as custodian and Deutsche Bank as securities lending agent and collateral manager.

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  5. Finadium: Securities lending still popular, especially among larger plans

    trueAbout 80% of all asset owners in consultant Finadium's database had securities lending programs in place in 2013, with larger asset owners being more likely to have such programs.

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  6. Etera Mutual Pension Insurance Co. picks State Street for custody

    trueEtera Mutual Pension Insurance Co., Helsinki, hired State Street Corp. to provide pension fund custody and other services.

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  7. Regulatory fallout takes center stage at securities lending conference

    trueFuture regulations — and the uncertainty of what they would impose on securities lending providers — were front and center in discussions at the Information Management Network Beneficial Owners' International Securities Lending Conference in Austin, Texas, Jan. 27-29.

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  8. New securities lending strategies might evolve from regulatory changes, panelists say

    trueExpected regulatory changes could open the door to new strategies in securities lending, particularly involving ETFs, panelists said Tuesday at the Information Management Network Beneficial Owners' International Securities Lending Conference in Austin, Texas.

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  9. Systemic risk driving regulatory changes to protect investors, conference told

    trueSystemic risk and investor protection are driving regulatory changes in securities lending, in rules ranging from Dodd-Frank and the Volcker rule to Basel III and other international regulators, a BlackRock executive told a securities lending conference Monday.

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  10. Custody banks experience similar revenue trends

    trueAssets under custody grew in the fourth quarter for publicly traded financial services firms offering such services, although revenues from securities lending and foreign exchange declined.

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  11. Oklahoma Public Employees issues RFP for global custody

    trueOklahoma Public Employees Retirement System, Oklahoma City, is searching for a global custodian that will provide securities lending services.

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  12. BNY Mellon taps managing director for securities lending in Canada

    truePhil Zywot was named managing director of securities finance at Bank of New York Mellon's global collateral services business.

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  13. Iowa funds issue call for global custodian, securities lending

    trueThe Iowa state treasurer issued a joint RFP for global custody and securities lending services for the $25.1 billion Iowa Public Employees' Retirement System, as well as two other state retirement systems and 12 other state investment funds, all based in Des Moines.

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