New Mexico’s Legislative Council has directed staff to ask the State Board of Finance to join with it in an audit of the state’s pension and endowment funds.
Senate President Tim Jennings, D-Roswell, called for the audit following published reports that third-party marketers have received million-dollar fees from money managers that had contracts from the State Investment Council and the Educational Retirement Board.
Gov. Bill Richardson has told the Investment Council and the educational pension agency to adopt policies that would ban the use of third-party placement or marketing agents. Harvey E. Yates Jr., chairman of the New Mexico Republican Party, asked the governor last week to appoint a committee to look into the funds’ financial dealings.
The funds are cutting ties with one adviser, Aldus Equity Partners of Dallas, after the company was charged in New York with securities violations involving a New York state pension fund. The company has denied any wrongdoing.
