Placement Agents Are A Real Pension Problem

Yesterday we pointed out that New York banned placement agents and that Frankfort is sitting on its hands.

There’s more from that report (Warning: External PDF Link), though:


Keith Johnson, chair of the Institutional Investors Group at the law firm of Reinhart, Boerner, Van Deuren s.c., supported by his team of investment and fiduciary attorneys. Keith represents numerous public pension funds as fiduciary counsel, speaks on fiduciary and investment topics at pension fund, legal and investor conferences across the United States, Canada, Europe and Asia, and was also part of the CalPERS and OIC project teams. Reinhart represents 11 of the 50 largest pension plans in the world and 27 of the 300 largest pension plans in connection with alternative investments, corporate governance, fiduciary responsibilities, and securities litigation.

Reinhart is backing Kentucky Retirement Systems and its placement agents and is charging hundreds of thousands to Kentucky taxpayers. That cash helps defend them against corruption charges.

This is why Kentucky can’t have nice things.