Securities Lending Programs

Goldman Sachs has the unique capability to offer under a single organizational “umbrella” a full range of securities lending structures. The Hybrid program combines elements of the Exclusive and Agency Lending programs. Clients designate Goldman Sachs as the exclusive borrower of certain portfolios or markets through the Exclusive program, while the remaining portfolio or markets are then made available to the Agency program. Clients typically receive an income guarantee coupled with revenue sharing opportunities. Thus clients are guaranteed a base minimum income level with upside revenue potential based on lending performance. The Hybrid program offers a single point of client service coverage, unified reporting and operational support, while reducing the level of support required from the client’s custodian bank.