Old Mutual has teamed up with California Public Employees' Retirement System (Calpers) to launch eSecLending, believed to be the first a web-based auction system to go live for securities lending.

Calpers, the largest US pension fund with $177bn (€206bn) in assets, participated in the first eSecLending auction last week. The auction process - the first of which was held on 25 October - allows large pension funds, mutual funds and other large investors including online custodians to capture lower costs, improved performance and other advantages.

Old Mutual and Calpers launch online securities lending auction

Niki Natarajan

Old Mutual

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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The bank’s quarterly net result declined but revenue rose 13% compared with a year ago, and it reaffirmed its capital returns plans.

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A weekly call turned into a celebration of heroes as staffers comfort one another through lingering trauma.

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The U.K. Supreme Court said a commission from a bank to a car dealer isn’t considered a bribe and dealers don’t violate rules by not disclosing this commission to customers.

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

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