MetWest will be providing lending services for the $9.6 billion fund. The focus of the program will be on international and domestic equity portfolios as well as U.S. government portfolios.
“We selected MetWest because they do not rely entirely on a computer driven queuing system to ensure equitable treatment of client portfolios. Instead, MetWest employs a more hands-on analytical approach to monitoring client utilizations and performance. This approach is validated by virtue of the fact that we have doubled the amount of securities on loan within the first month,” said Robert E. Gish, Director of Investments, State of New Mexico PERA.
“We developed our systems to not only ensure equitable treatment among client portfolios, but also to enhance overall performance. MetWest is pleased to provide our securities lending services to the state of New Mexico PERA, and we look forward to a productive relationship,” said Lou Molinari, president of MetWest.
Through securities lending programs, institutional investors (lenders) generate additional revenue by temporarily lending securities, on a fully collateralized basis, to broker-dealers (borrowers) to provide liquidity to the markets, facilitate trade settlements, manage risk or execute other trading strategies.
The State of New Mexico Public Employees Retirement Association, headquartered in Santa Fe, N.M., preserves, protects and administers the trust to meet its current and future obligations and provide quality services to Association members.
Metropolitan West Securities LLC is a wholly owned subsidiary of Wachovia Bank, NA.
Wachovia Corporate and Institutional Trust offers custodial services, securities lending, institutional clearing services, investment management, conventional and structured finance trust solutions, equity services, and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has locations in 26 cities in 15 states.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. Its Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
Email This Page
Printer Friendly Version
