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Lending securities from its £6 billion portfolio of assets earns West Yorkshire Pension Fund in the UK around £1 million a year. It is a useful way of increasing the earnings of the portfolio for relatively little effort. It is also part of a global activity where an estimated $3 trillion worth of securities are on loan at any given time - a business that is growing as those holding assets, such as pension funds and insurance companies, look for ways to increase their returns outside of low

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