Deutsche Bank nabs pension fund mandate 08 May 2014South Carolina Reporter: Mark Dugdale
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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’s recommendation to install Deutsche Bank at a recent meeting concerning the $27 billion pension fund.
BNY Mellon is the pension fund’s 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’s leadership, the gross securities lending revenue for the fiscal year was $2.5 million, an increase from $1.4 million in the prior year.
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