North Carolina Retirement Systems, Raleigh, is studying its use of placement agents and the disclosure of their fees, according to a news release issued by Janet Cowell, state treasurer and sole fiduciary of the $55.9 billion fund.
The focus on placement agents comes amid ongoing criminal and civil investigations focusing on pay-to-play allegations surrounding the $122 billion New York State Common Retirement Fund, Albany. It couldn’t be determined by press time whether any of the placement agents in the New York cases are also agents for North Carolina.
“Transparency, accountability and ethics are critical in instilling confidence of our investment process,” Ms. Cowell said in the release.
Recommendations on the study are expected in the “near future,” Ms. Cowell said in the release.
