Dresdner Kleinwort Wasserstein (DrKW), the investment bank of Dresdner Bank AG, has been awarded a third-party securities lending mandate from the State Board of Administration of Florida.

As one of the largest state funds in the US, the State Board of Florida is a long-established participant in the $1 trillion (€952bn) global securities lending marketplace. DrKW beat off stiff competition from a number of rival firms to secure the contract.