Deutsche Bank has won a mandate to provide securities lending services for Employees Retirement System of Texas (ERS).
With more than $22 billion in assets under management, ERS provides a retirement and disability pension system for state employees, law enforcement and custodial officers, elected state officials and two classes of judges. ERS is a long-time participant in securities lending, but this is the first time that it has engaged a non-custodial (third-party) agent.
“The Deutsche Bank team was able to clearly distinguish itself from others during our selection process,” says Jacqueline M. Johnson, CFA, deputy executive director of investments for ERS. “We believe the team can be a strong intrinsic value lender and a superior risk manager.”
Tim Smollen, global head of agency lending, Global Transaction Banking, at Deutsche Bank, adds: “We are delighted to serve ERS, one of the world’s largest and most sophisticated retirement systems in the United States. We look forward to building a long-lasting relationship with the ERS team.”
(CG)