Ohio fund auctions securities lending porfolio

Ohio Public Employees Retirement System, Columbus, auctioned off its $31 billion securities lending portfolio using securities lending manager eSecLending, according to Richard Baker, spokesman for the $65 billion system. Three financial institutions won the auction, which was held Jan. 26. Mr. Baker declined to identify the winners, which will have access to the portfolio for a year, after which the system will re-auction the portfolio. In 2004, the system earned more than $19 million in revenue from its securities lending program; it had an exclusive agreement with a broker that Mr. Baker declined to identify.