The Global Peer Financing Association (GPFA), a beneficial owner-run, peer-to-peer securities lending trade body, has expanded its membership again, with Norges Bank Investment Management joining as the first European beneficial owner.
The latest addition means that the association has eight publically-listed members, along with other yet-to-be-announced global asset managers.
Earlier this year, GPFA welcomed three new members, including its first Australian pension fund. The California State Teachers' Retirement System, Australian Super — Australia’s largest superannuation and pension fund — and Thrivent Financial, a Fortune 500 not-for-profit organisation, were the first new members since the group formed in July.
GPFA was launched by four North American pension funds with the aim of creating a more effective and transparent marketplace for securities financing activities, liquidity management and collateral management.
The California Public Employees' Retirement System, the Healthcare of Ontario Pension Plan (HOOPP), the Ohio Public Employees Retirement System, and the State of Wisconsin Investment Board came together to create the non-profit association alongside sponsorship from eSecLending, Osler, Hoskin & Harcourt and Credit Benchmark.
The association’s chair Robert Goobie who also serves as assistant vice president collateral management, fixed income and derivatives at HOOPP, describes direct lending as an “underutilised tool” for beneficial owners, which usually rely on banks acting as agents and tout their wares to borrowers.
