Tuesday, June 10, 2014

Stringer Tightens Controls on City's Pension Funds

Randon sign with $ symbol. MK Metz
As part of his effort to make sure there's no funny business with the city's pension fund investments, New York City Comptroller Scott M. Stringer announced on Monday that all five New York City pension funds have passed a resolution to ban placement agents.

Placement agents act as intermediaries to connect asset managers and investors, and can be a weak ethical link.

In a speech, Stringer said that the ban would help avoid a pay-to-play scandal, like other funds have experienced in recent years.

The newly-enacted ban is part of a six-point reform package for the operations of the Comptroller’s Office Bureau of Asset Management.

The New York City Pension Funds are composed of the New York City Employees’ Retirement System, Teachers’ Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund, and the Board of Education Retirement System.

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