Charles Schwab makes sec lending hire in New York
Lauren Gaspar has joined Charles Schwab as managing director of securities lending after spending more than a decade at analytics firm SunGard, now FIS.
She remains in New York, according to her LinkedIn profile, where she is reportedly tasked with enhancing stock loan products and relationships with the San Francisco-based broker and investment firm’s clients.
Gaspar is expected to report to Howie Kennedy, vice president and head of securities lending at Charles Schwab, who is based on the West Coast.
Schwab, like other US investment managers such as BlackRock and Fidelity, runs its own funds and loans client securities temporarily to other brokers.
As a broker, it also borrows securities from other dealers to fulfill short sales by its retail and institutional clients, delivering cash to the lender in exchange for the securities.
At the end of June last year, it had around $1.6bn worth of client securities pledged in securities lending transactions to other broker-dealers and $392m worth of borrower securities.
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