Fondo Pensione Prevedi, Rome, hired BNP Paribas Securities Services to provide securities lending, said Diego Ballarin, the pension fund's director general.
BNP Paribas has been Prevedi pension fund's custodian bank since 2012, according to Mr. Ballarin. "BNP Paribas, some months ago, offered to Prevedi a securities lending service with favorable conditions. That is why Prevedi's board of administrators decided to entrust that mandate to the bank," he added.
Prevedi is a €527 million ($590 million) Italian pension fund for construction industry workers, providing members with supplemental retirement savings to state pension.
Mr. Ballarin could not comment about the size of the securities lending program by press time.