Tennessee Consolidated Retirement System to become a lender again
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Tennessee Consolidated Retirement System to become a lender again 08 February 2013Nashville Reporter: Mark Dugdale
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The Tennessee Consolidated Retirement System (TCRS) is returning to securities lending, a spokesperson for the state’s treasury department confirmed.
TCRS stopped lending securities in 2001 when its agreement with its custodian ended.
But the retirement system, which has Michael Brakebill as its CIO, has decided to return to the business for “incremental income and improved market opportunity”.
The spokesperson said that TCRS will operate a conservative and intrinsic-only securities lending programme with top-tier counterparties.
It issued a securities lending questionnaire as part of its selection process in July 2012, and in November of the same year, it selected Deutsche Bank as its agent lender.
TCRS plans to start its securities lending programme in the spring.
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