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New deal for State Street and REST
REST Industry Super has appointed State Street Corporation as its global securities lending agent, after it appointed State Street in a major custody arrangement in January.
State Street said that it will now also provide REST with a comprehensive securities lending program for its bonds and equities holdings across 30 global markets.
“Securities lending is an area where funds with extensive domestic and global holdings require specific support and technical expertise,” said State Street’s Asia Pacific regional business director, securities finance, Francesco Squillacioti.
State Street has been in talks with REST for approximately five months about providing securities lending, since the original custody deal was confirmed, he said.
Having the custody arrangement in place makes it easier to provide securities lending, which is a natural extension of the deal, he said.
The deal will involve State Street Corporation utilising securities REST holds with the company, finding counterparties who would like to borrow them and pay for the use of them, rather than those assets sitting idly. This allows the lending agent to generate incremental revenue for a client on assets that otherwise would not have been generating revenue, he said.
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