GPFA signs up three new members to P2P network 04 September 2020California Reporter: Drew Nicol
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The Global Peer Financing Association (GPFA), a beneficial owner-run, peer-to-peer securities lending network, has 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, are 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 new members swell GPFA’s ranks to seven.
The association’s chair Robert Goobie describes direct lending as an “underutilised tool” for beneficial owners, which usually rely on banks acting as agents and tout their wares to borrowers.
Goobie, who also serves as assistant vice president collateral management, fixed income and derivatives at HOOPP, recently hinted that it had received “a significant number of enquiries” from other asset owners wishing to join but was unable to name names at the time.
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