City Pensions Funds Ban Middlemen

By
Lisa Chow
WNYC News | Jul 12, 2010

New York, NY —

The largest of the city's five public pension funds - the New York City Employees Retirement System - voted today to ban the use of middlemen, or so-called placements agents, from soliciting investment business from the fund. The move comes a week after City Comptroller Bill Thompson asked the city's five funds to consider the change.

Until there's more clarity or more transparency in this marketplace, we all think it is the best thing not to use placement agents or not to allow placement agents to approach New York City pension funds.

The New York City Employees Retirement System is a $30 billion fund and currently has 300,000 active members and retirees.

Last month, state and federal investigators accused two top aides to former state comptroller Alan Hevesi of using their positions to pressure firms into paying millions of dollars to politically connected placement agents. The state is also investigating the City Comptroller's office and its dealings with placement agents.

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Lisa Chow

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