September 1, 2009
Report Finds DiNapoli Investments Followed Protocol
Mercer Group Report Indicates Substantial Compliance During DiNapoli Tenure
New York State Comptroller Thomas P. DiNapoli today released an independent report that determined the New York State Common Retirement Fund (Fund) investments approved by the Comptroller between February 2007 and February 2009 satisfied internal investment policies and procedures, with a minor deviation noted in one of the 112 transactions approved over that two-year period.
“Since taking office, I’ve made it a priority to manage the state pension fund with greater transparency and accountability to the public,” DiNapoli said. “This report is an important affirmation that we have adhered to policies and procedures put in place to protect the interests of the Fund. We’re working to ensure the unethical practices of the past administration will not be repeated.”
The Mercer Sentinel Group review covered 40 public equity transactions, 33 real estate transactions, 28 private equity transactions, nine transactions in the absolute return strategies portfolio, and two fixed-income investments. Mercer’s review found compliance with investment policies and procedures in place at the time of each transaction, with a minor exception identified in one transaction.
DiNapoli hired Mercer to conduct the independent review in March when he announced the findings and recommendations of the Pension Fund Task Force.
Since taking office in February 2007, DiNapoli has:
Click here for a copy of the Mercer report.