P&I: Los Angeles County Employees preps securities lending search

Los Angeles County Employees Retirement Association, Pasadena, plans to launch a search for a securities lending firm soon, according to board minutes of the $58.4 billion pension fund.

State Street Bank and Trust is LACERA’s custodial bank and lending agent responsible for lending the pension plan’s international equities, U.S. Treasuries, and U.S. agency securities. Goldman Sachs agency lending group is LACERA’s domestic stocks and corporate bonds lending agent. State Street invests the cash collateral for both programs. They will be invited to rebid. As of April 30, LACERA’s total lendable base was about $9.3 billion.

The full story is available at https://www.pionline.com/searches-and-hires/los-angeles-county-employees-preps-securities-lending-search

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