NEW YORK will require investment banking and money management firms to adopt conflict-of-interest rules if they want to do business with the state’s pension fund.
State Comptroller H. Carl McCall, who manages $112 billion in investments for New York – the second largest state pension fund in the country – said yesterday that investment banking firms will be asked to embrace the conflict-of-interest principles set forth in the agreement that New York State Attorney General Eliot Spitzer reached with Merrill Lynch in late May.
