State Street says it has been named securities lending provider for an additional $190 billion in assets by TIAA-CREF. With the additional mandate, State Street now provides services for more than $210 billion in assets for TIAA-CREF. State Street has provided custody and securities lending services for a portion of TIAA-CREF’s assets since 2004.
“Consolidating our providers and expanding our relationship with State Street will allow TIAA-CREF to add value from our securities lending activities for our participants,” says Ed Grzybowski, TIAA-CREF’s chief investment officer. “TIAA-CREF is committed to managing our investment functions as efficiently as possible and in the two years we have worked with them, State Street has demonstrated the experience and capabilities to help us achieve that goal.”
“We are pleased that TIAA-CREF views us as a strategic provider that can accommodate their complex needs as they grow their business,” adds Craig Starble, senior vice president and head of State Street’s securities finance business. “Technology continues to be a key differentiator for us, and we are encouraged that our customers are confident in the infrastructure and expertise that we have developed in this regard.”
“The investment landscape continues to pose ongoing challenges for the industry. This expansion of our relationship with TIAA-CREF demonstrates that our customers recognize that we are committed to partnering with them to maneuver through these challenges,” says Suzanne Lee, senior vice president and head of account management for State Street’s securities finance business.
State Street currently services more than 400 lenders and 130 borrowers around the world, trading multiple asset classes in more than 30 markets.