State Street auctions $15 Billion of SSgA assets in France via Equilend
Published on January 19, 2007.
State Street says it has completed a securities lending auction for approximately $15 billion in international assets for investment funds managed by State Street Global Advisors France (SSgA) in Paris.
This mandate, the second successful securities lending auction completed for SSgA in France, was held on behalf of nine French-domiciled Soci é t é s d’Investissement à Capital Variable (SICAVs) and seven French-domiciled Fonds Communs de Placement (FCPs). Due to the auction format, multiple mandates were awarded to several different borrowers, achieving the most competitive bid per class.
The auction was conducted via EquiLend AuctionPort, a browser-based portfolio auction service that allows lenders to host and conduct blind and open auctions of portfolios on behalf of their customers.
“This new assignment demonstrates how our flexible and innovative offering can accommodate a range of different lending programmes,” says Chris Taylor, head of State Street’s securities finance team in Europe. “Providing our customers with the option of utilizing an auction via EquiLend as an additional way of accessing markets is another example of our dedication to responding to our customers’ needs.”
