Deutsche Bank nabs pension fund mandate
08 May 2014 South Carolina
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South Carolina Retirement Systems has mandated Deutsche Bank as its first third-party securities lending agent, according to reports.
The South Carolina Retirement System Investment Commission reportedly approved COO Greg Ryberg鈥檚 recommendation to install Deutsche Bank at a recent meeting concerning the $27 billion pension fund.
BNY Mellon is the pension fund鈥檚 custodian, having renewed its mandate at the end of last year. The bank has acted as its custodian since 2007.
The bank previously handled all securities lending activities for the pension fund.
In its 2012 to 2013 Annual Investment Report, the pension fund revealed that, under BNY Mellon鈥檚 leadership, the gross securities lending revenue for the 铿乻cal year was $2.5 million, an increase from $1.4 million in the prior year.
A Deutsche Bank spokesperson declined to comment.
The South Carolina Retirement System Investment Commission reportedly approved COO Greg Ryberg鈥檚 recommendation to install Deutsche Bank at a recent meeting concerning the $27 billion pension fund.
BNY Mellon is the pension fund鈥檚 custodian, having renewed its mandate at the end of last year. The bank has acted as its custodian since 2007.
The bank previously handled all securities lending activities for the pension fund.
In its 2012 to 2013 Annual Investment Report, the pension fund revealed that, under BNY Mellon鈥檚 leadership, the gross securities lending revenue for the 铿乻cal year was $2.5 million, an increase from $1.4 million in the prior year.
A Deutsche Bank spokesperson declined to comment.
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