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May 1, 2009


DiNapoli: All Middlemen Banned From Pension Fund Deals

List of Placement Agents Has Been Available Online Since October 2007

State Comptroller Thomas P. DiNapoli today reiterated he has banned the involvement of placement agents, paid intermediaries and registered lobbyists in investments with the New York State Common Retirement Fund (CRF). The ban, which DiNapoli announced last week, includes placement agents, lobbyists and any entities “compensated on a flat fee, a contingent fee or any other basis.”

DiNapoli said the ban eliminates “all middlemen from involvement in any pension investments.” DiNapoli added that, at the request of the Attorney General’s office, his office has withheld information about placement agents and intermediaries involved in investment transactions during former Comptroller Alan Hevesi’s administration.

“The prior administration left a dark cloud over this office,” DiNapoli said. “We’ve been implementing reforms and working closely with the Attorney General’s office to lift that cloud and restore public trust and confidence in the management of the Common Retirement Fund.

“We’ve increased disclosure and transparency. We’ve strengthened ethics requirements. We’ve banned middlemen from involvement in investments. We’ve made it clear: what previously passed for business as usual is no longer acceptable.

“As Attorney General Cuomo’s investigation continues to uncover the crimes and misconduct committed under the Hevesi Administration, I’ll continue to implement the reforms necessary to ensure the management of pension fund is above reproach. I will not allow anyone to jeopardize the integrity of the fund or the financial security of the one million members and retirees who depend on the fund.”

DiNapoli noted that any placement agents or intermediaries involved in CRF investments during his tenure prior to the ban were listed in his monthly transaction reports, which are posted monthly on the State Comptroller’s web site. DiNapoli implemented the disclosure policy in October 2007 shortly after he took office.

Click here for monthly transaction reports.

Click here for DiNapoli's policy banning the involvement of placement agents, paid intermediaries and registered lobbyists.


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