US - New York City comptroller William Thompson office has voted on behalf of the NYC pension funds to stop Quadrangle, one of its private equity fund managers, making new investments.
Placement agents are intermediaries which charge fees to get institutional mandates for asset managers.
Despite this, the majority of Quadrangle investors have elected to maintain their financial commitments in the private equity fund - meaning that, under the terms of the partnership agreement, the commitment period will continue.
Thompson said: "I am disappointed that a majority of limited partners did not see fit to vote to terminate the investment of monies to a fund that is under such a cloud and stand firm in my position that the City pension systems acted appropriately in voting to terminate any such further investments."
Thomson's office said three of the NYC pension funds - New York City Employees' Retirement System, Teachers' Retirement System and the Police Pension Fund - invested a total of US$125m in Quadrangle in 2005 and 2006.
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