US - New York City Comptroller William Thompson is calling for a ban on the use of placement agents for New York City Pension Funds investments.
He said: "The recent indictment and felony complaint by the New York Attorney General and complaints filed by the Securities and Exchange Commission have called into question the conduct of certain entities and individuals that identified themselves or allegedly acted as placement agents in connection with investments made by the New York State Common Retirement Fund."
He added: "I am extremely troubled by the allegations and believe that such improper conduct underscores the need for broad and comprehensive reform nationally with respect to the activities of placement agents. At this time, the wisest course of action would be to immediately prohibit the use of such paid intermediaries in connection with our investments."
Thompson has called a meeting with trustees of the pension fund - who ultimately must approve the prohibition on placement agents.
New York state attorney general Andrew Cuomo agreed with Thomson recommendation. He said: "Our investigation has revealed that the system is fraught with peril and prone to abuse. We appreciate the vision and action of Mr. Thompson."
He added the Carlyle Group had also agreed with the attorney's office to ban the use of placement agents in connection with public pension funds.
The office said: "As one of the nation's largest private equity firms, Carlyle's decision to implement this reform sets an example that we hope others in the industry will follow."
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