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Impact Investing

IPE special report May 2018

Sections

Ownership change for e-SecLending

Boston-based global securities lending manager e-SecLending is being bought by TA Associates, a private equity and buy out firm, also based in Boston, from its majority owner financial group Old Mutual.
Commenting on the transaction, Susan Peters, chief executive of eSecLending, said: “The transaction allows us access to the talents and experience of TA and its deep networks of financial partners.
“It also allows us maintain continuity in management and employees and preserves our independence as a lending agent,” she added.
Scott Powers, chairman of eSecLending and chief executive of Old Mutual asset Management said that the firm and its management team had “outperformed our expectations in creating a unique and thriving business, which has served its clients extremely well, and delivered strong results for shareholders.”
TA Associates commented that with the increasing acceptance of the eSecLending model, the company should be able to “expand its leadership positioning the securities lending industry”.
The firm manages customised lending programmes for institutional investors, including pension funds and investment managers. It awards principal securities lending business through a competitive auction process aimed to provide higher returns to investors compared with traditional programmes, as well as improved transparency, said eSecLending.
Over $750bn (e609.5bn) in assets across different asset classes have been auctioned, since the firm was formed. EsecLending has currently some $21bn in cash collateral assets under management, up from $15bn at the end of last year.
Kenneth Schiciano of TA Associates said: “We are confident that be leveraging our deep financial services and technology sector experience, and eSecLending’s commitment to delivering outstanding client service, the company will continue its impressive growth.”
Last month, the firm auctioned a $6bn global equities mandate for Russell Imvestment. In March, a $12.2bn global equity and fixed income auction was run for Universities Superannuation Scheme and $1.9bn global equity auction for Hermes Administration Services.

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