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Money ok'd for review of NM investments

Updated: Wednesday, 24 Jun 2009, 4:43 PM MDT
Published : Wednesday, 24 Jun 2009, 4:43 PM MDT

  • By BARRY MASSEY, Associated Press Writer

SANTA FE, N.M. (AP) - Legislative leaders have agreed to spend up to $100,000 to help pay for an independent review of New Mexico's investment practices and policies.

The leadership group known as the Legislative Council directed its staff on Wednesday to solicit bids from firms interested in doing the job. The hired firm will review the State Investment Council and pension funds administered by the Educational Retirement Board and the Public Employees Retirement Association.

Gov. Bill Richardson's administration is jointly commissioning the review with the Legislature, and the executive branch will provide up to $200,000.

A Democratic Senate leader last month called for an audit of investment practices because of questions about millions of dollars in fees paid to placement agents by firms that won state investment deals.

Copyright Associated Press, Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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