Death Knell Of Placement Agent Outcome-Based Pay

Law360, New York (December 14, 2010, 12:48 PM EST) -- A recent bill from the California Legislature radically changes the status of intermediaries known as “placement agents” who work to help private investment managers secure investments from statewide retirement systems and pension funds. California is home to two of the largest retirement systems in the country — the California Public Employees Retirement System (CalPERS) and the California State Teachers Retirement System (CalSTRS).

As of July 2010, these systems had a combined $274 billion in assets under management. Competition to manage assets of these funds is both...
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