New Mexico State Investment Council, Santa Fe, is searching for firms to provide legal recovery services to pursue claims and recover losses from inappropriate use of placement agents by the council’s investment managers.
“The SIO (state investment office) uncovered wide use of placement agents in connection with investments made by the previous SIO and SIC (State Investment Council). Some of the placement agent fees paid by investment managers with respect to those investments may have been either inappropriate or sham payments. These payments may have altered, influenced or corrupted the investment process,” according to an RFP posted on the council’s website, http://www.sic.state.nm.us.
The council expects the selected firm to work with the SEC and Department of Justice, which are both investigating the use of placement agents in New Mexico, according to the RFP.
Responses are due June 21 with a selection expected July 16.