Wachovia Corp.'s securities lending business has been selected as the third-party securities lending agent for the New York State Teachers' Retirement System, the Charlotte banking company said Monday.
Metropolitan West Securities LLC will supply lending services for $54 billion of equity securities, its parent said.
New York State Teachers' Retirement System has more than 264,000 active members and 129,000 retirees and beneficiaries; it administers the fund from which public school teachers and administrators employed outside New York City receive retirement benefits.
MetWest, a wholly owned Wachovia subsidiary, is an investment advisory, asset management, and broker-dealer firm specializing in securities lending and short-term, fixed-income asset management.
