State of Connecticut Retirement & Trust Funds, Hartford, selected Sovereign Advisors as its private equity consultant, pending successful contract negotiations, said spokesman Bernard Kavaler.
The $21 billion system also plans to hire Pacific Corporate Group as a private equity consultant on a short-term basis. Pacific will review the fund’s relationships with Triumph Capital Group and Pioneer Venture Associates.
The state’s advisory council members have been concerned about turnover at Triumph, and they also want to investigate a situation in which a Pioneer partner in 1998 allegedly sold his personal stake in a company to take advantage of a rise in stock price, which coincided with the news that the system, through Pioneer, had invested in the company.
