BUSINESS BRIEFING / PENSIONS
The California Public Employees’ Retirement System board approved by a 13-0 vote new rules requiring investment firms to disclose information about placement agents they hire to win business.
The new rules require investment firms to disclose when they hire placement agents, how much those agents are paid and the services they perform. Managers will be required to repay any fees paid to them by the state, or an amount equal to what they paid placement agents, if they fail to disclose the relationships. Their firms would be banned from doing business with CalPERS for two years afterward.
The policy also states that middlemen should be registered with the Securities and Exchange Commission.
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