November 2022

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Finadium’s 2022 survey of asset managers in securities lending reveals how large complexes are assessing market volatility and changing regulatory priorities in their securities lending programs. Across revenue and collateral trends, the tangible impact of Environmental, Social and Governance (ESG) parameters and how managers approach corporate governance, this survey provides a guide to best practices for asset managers and their service providers.

Since 2008, Finadium’s regular survey of asset managers in North America and Europe has tracked current operational practices and forward-looking thinking of this sector. This year’s report covers 27 large institutional asset managers with $40.5 trillion in assets. Product lines include UCITS funds, mutual funds, ETFs, individual accounts, and insurance assets.

A newer market development is the creation of central treasury or funding operations groups that incorporate securities lending along with repo and collateral for OTC derivatives. While not appropriate for every firm, asset managers that have built out their capabilities report that it is driving efficiencies and independence from external credit providers. The idea of “being your own bank” has reached this part of the asset management market.

This report should be read by asset managers and their agent lenders, custodians, technology and legal advisors, and service providers. The report provides useful insights about the present and future of securities lending at asset managers and insurance companies.

Table of Contents

  • Executive Summary
  • For Some, A New Focus on Cash and Collateral Optimization
    • – Methodology
  • The Growth and Limits of ESG
  • Corporate Governance
    • – Indemnification Thinking
    • – Data and Technology
  • Revenue and Collateral Trends
    • – US and European Fee Splits
    • – Fund Returns
    • – Collateral Thinking
  • Headwinds and Tailwinds
  • About Finadium LLC

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