Securities lending auction platform eSecLending recently conducted a securities lending auction of $43 billion asset for the California Employees Retirement System (CalPERS). The pension fund, which has a total market value of $227 billion, awarded Citi exclusive borrowing access to $28 billion of assets through a bidding process in May 2012.
15 borrowers participated in the auction. 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.”
eSecLending conducts multiple auctions on behalf of CalPERS each year. This was the provider’s 12th consecutive year auctioning CalPERS’ US Equity Assets.
(JDC)