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US beneficial owners roundtable
04 January 2012
In testing economic times keeping clients informed of market developments is the key issue for those engaged in securities lending, according to participants in the 2011 beneficial owners roundtable
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securities lending
Mark Payson
Brown Brothers Harriman
Doug Brown
State Street
Michael McAuley
BNY Mellon
Tred McIntire
Goldman Sachs Agency Lending
Aaron Woolner: chairman, Global Investor/ISF
Mark Payson: managing director, Brown Brothers Harriman
Doug Brown: managing director, State Street
Michael McAuley: senior business strategist for global securities lending, BNY Mellon
Tred McIntire: managing director, Goldman Sachs Agency Lending
Stephen Harasimowicz: head of trading, Columbia Management
Tim Darcy: senior vice president, SunGard ASTEC Analytics
Global Investors/ISF: What is the biggest challenge in managing a securities lending programme in this difficult economic climate?
Tred McIntire, Goldman Sachs Agency Lending: Uncertainty is the biggest thing we have to address in conversations with clients. It’s a theme that runs through every aspect of the business – whether it’s market volatility, the sovereign debt issue, bank credit concerns or the direction of potential regulatory reform.Aside from uncertainty, high levels of correlation at different points during the year have impacted demand and borrower activity, primarily from hedge funds. The good news from that side of the business is that hedge...
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