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State Street head quits for stock-lending start-up

The head of one of the largest securities lending programmes run by a US custodian has left the company to join a potential rival

The head of one of world’s largest securities lenders, responsible for loaning out hundreds of billions of dollars worth of stock to hedge funds each year to facilitate their short-selling, has left to join one of the sector’s new breed of start-ups as investors increasingly look for alternative providers.

Peter Economou has left his position as head of securities finance at State Street and taken a number of his colleagues with him to a new start up venture, the custodian confirmed yesterday.

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