Wachovia’s Metropolitan West Securities LLC (MetWest) announced that it has been appointed as the exclusive third-party securities lending agent for the State of New Mexico Educational Retirement Board.
MetWest will provide lending services for the $7 billion fund. The program will focus on domestic equities and U.S. government securities.
“We selected MetWest based on their outstanding reputation and association with Wachovia Bank. We were also impressed with their innovative approach to structuring a more productive program,” said Rose Marie Struck, portfolio manager fixed income of the New Mexico Educational Retirement Board.
“MetWest is very pleased about the partnership with the New Mexico Education Retirement Board and we recognize the confidence they have placed in our products and services,” said Gary Rupert, chairman of MetWest. “We look forward to a productive relationship.”
Headquartered in Santa Fe, N.M., the New Mexico Educational Retirement Board is a statutory entity that provides retirement benefits for active and retired members from school districts, colleges, universities and educational agencies.
Through securities lending programs, institutional investors (lenders) generate additional revenue by temporarily lending securities to broker- dealers (borrowers) to provide liquidity to the markets, facilitate trade settlements, manage risk or execute other trading strategies.