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.
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. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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