NEW YORK--(BUSINESS WIRE)--Deutsche Bank today announced that it has been awarded a mandate to provide securities lending services for Employees Retirement System of Texas (ERS). With over $22 billion in assets under management, ERS provides a retirement and disability pension system for State employees, law enforcement and custodial officers, elected state officials and two classes of judges. ERS is a long-time participant in securities lending, but this is the first time that it has engaged a non-custodial (“third-party”) agent.
“The Deutsche Bank team was able to clearly distinguish itself from others during our selection process,” said Jacqueline M. Johnson, CFA, Deputy Executive Director of Investments for ERS. “We believe the team can be a strong intrinsic value lender and a superior risk manager.”
Tim Smollen, Global Head of Agency Lending, Global Transaction Banking, Deutsche Bank, said, “We are delighted to serve ERS, one of the world’s largest and most sophisticated retirement systems in the United States. We look forward to building a long-lasting relationship with the ERS team.”
Agency Lending is part of Deutsche Bank’s Trust & Securities Services Division, one of the world’s largest providers of administrative services for capital market instruments and other types of financing. It also provides custody, clearing and related services in more than 30 securities markets worldwide.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 73 countries, Deutsche Bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.