Tennessee Consolidated Retirement System to become a lender again
08 February 2013 Nashville
Image: Shutterstock
The Tennessee Consolidated Retirement System (TCRS) is returning to securities lending, a spokesperson for the state鈥檚 treasury department confirmed.
TCRS stopped lending securities in 2001 when its agreement with its custodian ended.
But the retirement system, which has Michael Brakebill as its CIO, has decided to return to the business for 鈥渋ncremental income and improved market opportunity鈥�.
The spokesperson said that TCRS will operate a conservative and intrinsic-only securities lending programme with top-tier counterparties.
It issued a securities lending questionnaire as part of its selection process in July 2012, and in November of the same year, it selected Deutsche Bank as its agent lender.
TCRS plans to start its securities lending programme in the spring.
TCRS stopped lending securities in 2001 when its agreement with its custodian ended.
But the retirement system, which has Michael Brakebill as its CIO, has decided to return to the business for 鈥渋ncremental income and improved market opportunity鈥�.
The spokesperson said that TCRS will operate a conservative and intrinsic-only securities lending programme with top-tier counterparties.
It issued a securities lending questionnaire as part of its selection process in July 2012, and in November of the same year, it selected Deutsche Bank as its agent lender.
TCRS plans to start its securities lending programme in the spring.
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