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Asset managers adapt to Esma guidelines
08 May 2014
Recent Esma guidelines on securities lending revenue have forced some change in asset management, according to participants of the Global Investor/ISF UK beneficial owners roundtable
Alastair O’Dell, editor, Global Investor/ISF
(chair) John Arnesen, global head of agency lending, BNP
Paribas Securities Services Anthony Charlwood, investment
officer, Pensions Trust Matthew Chessum, securities lending and
repo, Aberdeen Asset Management Simon Lee, managing director,
eSecLending David lewis, senior vice-president,
SunGard’s Astec AnalyticsO'Dell (chair): Esma set
out guidelines that would reduce asset managers’
revenue from securities lending in favour of investors. What
solutions are asset managers adopting?
Matthew Chessum: We do not take a fee or share in the revenue
from securities lending. But that is not standard in the market
– my understanding is other asset managers do. We have
made a business decision to return all revenues to the
In my personal opinion, it depends how comfortable you are
justifying the fees – that is the crux of the matter.
You have to be able to justify the amount of money you are
taking for the service that you provide....
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