Florida Selects eSecLending for Multi-Agent Securities Lending Program

eSecLending has been appointed by the Florida State Board of Administration (Florida SBA) to provide securities lending and collateral management services.

Florida SBA runs a multi-agent lending program, using their custodian BNY Mellon and a third-party agent for securities lending. After conducting a search process in 2013, Florida SBA selected eSecLending as part of this program, whereby eSecLending now manages approximately $30 billion in global equity assets for the Florida SBA, which oversees funds such as the state retirement fund and hurricane catastrophe fund.

In November 2013, eSecLending held an auction for the Florida SBA global equity assets, and in January 2014, eSecLending implemented the program consisting of both exclusive borrower arrangements and discretionary lending.

“After an extensive search process, we were thrilled to be selected by Florida SBA to manage a portion of their securities lending program and are grateful for the opportunity to demonstrate our differentiated lending model and service structure. We are confident our approach will continue to unlock value for Florida SBA and its constituents by utilizing a transparent, disciplined and repeatable lending process,” says eSecLending’s president, Chris Jaynes.