State Treasurer Bill Lockyer today urged CalPERS and CalSTRS to investigate any investment deals it made involving so-called placement agents.
Lockyer, who sits on the boards of both pension funds, made his request a day after CalPERS said it was going to draw up policies requiring money management firms to disclose fees paid to placement agents. CalSTRS already has such a policy.
Placement agents help money managers obtain business with pension funds like CalPERS and CalSTRS. They've become controversial, and last month a placement agent was indicted in a scandal involving New York state's $122 billion public pension fund.
-- Dale Kasler
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Lockyer, who sits on the boards of both pension funds, made his request a day after CalPERS said it was going to draw up policies requiring money management firms to disclose fees paid to placement agents. CalSTRS already has such a policy.
Placement agents help money managers obtain business with pension funds like CalPERS and CalSTRS. They've become controversial, and last month a placement agent was indicted in a scandal involving New York state's $122 billion public pension fund.
-- Dale Kasler
More...