Securities lending revenue for the New York State Common Retirement Fund, the third largest pension fund in the US, totaled $53m in the twelve months to March.

The figure is a 65% rise on the previous financial year’s $32 total and beats the $28m worth of lending revenue made two years ago.

J.P. Morgan has been the sole lending agent and master custodian for the $178.1bn fund since 2010.

The US investment bank keeps close to 10% of lending revenue and agreed one-year contract extension with the fund last year. 

A second extension is expected be signed, meaning the bank will provide the services through to the middle of 2017.

The fund is considering preparing seperate RFPs, one each for custodian, FX, and securities lending services, according to a recent report by Funston Advisory.

At the end of March this year, the value of securities on loan by the fund was $13.6bn.

Collateral totaled was $13.9bn - $11.7bn in cash and $2.2bn in securities.

The fund added in its financial statement that it had not experienced any losses from the default of a borrower or lending agent during the year or in the history of the program.