Pension fund separates sec lending from custody
Deutsche Bank has replaced State Street as Texas Municipal Retirement System's securities lending agent.
The pension fund, which reportedly has assets of $19.5 billion, oversaw 141,532 accounts for US State of Texas employees from 847 cities in 2011.
State Street acted as the global custodian and securities lending agent for Texas Municipal Retirement System, and reportedly rebid for the roles when the pension fund put them up for tender. But it was only rehired as the Texas Municipal Retirement System's global custodian, losing out to Deutsche Bank for the securities lending agent mandate.
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