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December 6, 2007

DiNapoli Issues Survey for Brokers
to Handle Pension Fund, State Investing

Seeks Brokers for Equities, Fixed Income, and Short-Term Investments

New York State Comptroller Thomas P. DiNapoli today announced that he will issue a survey to identify firms interested in providing brokerage services to the State and the $154.5 billion New York State Common Retirement Fund. The brokers will execute trades for internally managed investments in domestic equities, fixed income, and short-term investments.

“It’s time for us to open the door and explore the possibilities for new relationships and to reexamine the qualifications and effectiveness of brokers we already work with,” DiNapoli said. “We’re looking for top-quality brokers that can provide the lowest possible transaction execution costs. This generates savings for the Fund, and contributes to its overall fiscal well being.”

All interested firms, including those that currently do business with the Fund, must complete a brief survey and return it to the Office of the State Comptroller by January 29, 2008. This is the first phase of the two-phase process. DiNapoli’s staff will evaluate the survey responses and invite qualified firms to participate in the second phase of the selection process, which will be a more in-depth, focused study of the firms’ capabilities.

OSC will screen firms based upon: the ability to trade asset classes relevant to the Fund; the financial strength of the firms; the organizational level and expertise of the relationship manager; the relevance and depth of the firms’ research capabilities; and the number and severity of SEC and NASD sanctions against applying firms.

Currently, New York uses more than 25 pre-qualified brokers to help with pension fund investments and the State’s short-term investments. DiNapoli is committed to providing opportunities to qualified minority- and women-owned brokers, and about one third of all trading is done through such brokers.

OSC will notify all firms that complete the survey whether they will be invited to the second round. Completed surveys should be mailed to Robert Arnold at: Office of the State Comptroller, Pension Investment and Public Finance, 14th Floor, 110 State Street, Albany, New York 12236. For more information, firms should contact Arnold at (518) 473-1117, or Donna Benson at (518) 474-7701. No one else at OSC should be contacted regarding this process.



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