Placement Agent Man

May 19th, 2009 | Filed under: Academic Research, Institutional Investing, Today's Post | By:
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With apologies to Johnny Rivers

There’s a man who leads a life of danger
To everyone he meets he stays a stranger
With every move he makes another chance he takes
Odds are he won’t live to see tomorrow

Placement agent man, placement agent man
They’ve given you a number and taken away your name

Beware of pretty faces that you find
A pretty face can hide an evil mind
Ah, be careful what you say
Or you’ll give yourself away
Odds are you won’t live to see tomorrow

Placement agent man, placement agent man
They’ve given you a number and taken away your name

It all started a few weeks ago with allegations of kick-backs surrounding the sale of investment vehicles to the New York State Common Retirement Fund.  As The Deal reported earlier this month, “go-betweens” (a.k.a. commissioned placement agents) are accused of surreptitiously linking investment allocations to political contributions.

Reactions: “disclosure” to “outlaw”

The reaction has been swift and has tainted the entire placement (a.k.a. “third party marketing”) industry.  CalPERS came out with a new policy last week governing the use of third party marketers.  In a statement the plan said its new policy would require: More…

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