Bill Richardson has directed the State Investment Office to ban the use of third-party placement agents on investments of the state’s Permanent Funds.
CalPERS has officially adopted a placement agent policy, in light of recent pay-to-play allegations at other public funds, and introduced an investment policy for leverage, as its total fund value increased to $177.5 billion as at April 23, up from $169.4 billion at the end of March.
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