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Bloomberg – The U.S. Securities and Exchange Commission is seeking information from more than two dozen pension funds, placement agents and other companies as it steps up an investigation into whether money managers made improper payments to win business.
“The SEC is interested in finders’ fees and other payments,” spokesman John Nester said late yesterday. The SEC contacted pension-fund managers, agents that line up business for investment advisers and “other intermediaries,” he said.
MSN MoneyCentral – A corruption scandal at the state’s retirement fund is the latest in a long string involving politically connected intermediaries called placement agents sometimes hired by investment firms hoping to land rich investment deals with pension officials, experts said.
New York Attorney General Andrew Cuomo and the Securities and Exchange Commission are examining millions of dollars in payments that several hedge funds and private equity firms paid to placement agents during the tenure of state comptroller Alan Hevesi.
SmartBrief – Carlyle Group is being investigated by New York prosecutors and the Securities and Exchange Commission for allegations that it made improper payments to get investments from the state’s pension fund.
The payments allegedly were made to intermediaries and might have totaled in the millions. The investigation involves several investment companies and a practice that has long been considered standard by hedge funds and private-equity firms.
