Exclusives are the bright spark amidst cowed volumes
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Exclusives are the bright spark amidst cowed volumes 28 January 2013Boston Reporter: Georgina Lavers
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Client auctions in 2012 represented some of the highest revenue generating auctions in the firm’s history, announced eSecLending in a release.
The firm’s co-chief executive officer Chris Jaynes said: “We are thrilled with the strong bids received for the 2013 dividend season. The breadth of borrower participation, demand for exclusives and overall outperformance against market benchmarks have all increased over the last year.
“Specific bright spots include US small-caps, Asia Pacific equities, high yield bonds and European yield enhancement. As a result, our clients have experienced material year-over-year increases in revenues.”
Jon Ottomanelli, managing director and head of securities lending at Citi, a borrower in the auctions, said that committed supply through exclusives continues to be an important component of their overall strategy.
“In order to best service our hedge fund clients, it is very important for us to augment our supply with high quality assets. In this regard, eSecLending’s auction process helps us achieve our goals in a transparent and efficient manner.”
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