Dresdner Kleinwort, the investment banking division of Dresdner Bank AG, has been awarded a US equity securities lending mandate by Colorado Public Employees’ Retirement Association (Colorado PERA).
Securities lending is a widely used investment strategy that generates incremental portfolio returns for conservative institutional investors. Dresdner is a “non-custodial” securities lending agent with global lending desks located in New York, London and Frankfurt. Non-custodial securities lending agents operate like investment managers and do not have custody of the client’s assets.
“We are delighted to work with the team at Colorado PERA,” says Tim Smollen, global head of agency securities lending at Dresdner Kleinwort. With respect to service delivery, Smollen says, “We interface seamlessly with Colorado’s custodian, Northern Trust, using straight-through processing technology.”
Established by state law in 1931, PERA provides retirement and other benefits to the employees of more than 400 government agencies and public entities in the state of Colorado. PERA is the 23rd largest public pension plan in the United States. By the end of 2007, the fund had over $41 billion in assets available for benefit payments, with 186,842 active members and 78,244 benefit recipients.