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Shining Light On The Practices of Pension
Fund Consultants: Who Are They Really Serving? |
September 18, 2009
Previously published by The Advocate for Institutional Investors, First Quarter 2004 on January 2004
Pension fund consultants typically advise pension fund systems on critical financial and investment matters and, therefore, often occupy a position that is fiduciary in nature. As Justice Benjamin Cardozo noted, the standard of a fiduciary requires "something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is then the standard of behavior." Whether pension fund consultants are living up to this high moral standard is a question being raised as a result of recent revelations of consultant transgressions and an ongoing U.S. Securities and Exchange Commission ("SEC") review of consultant activities in the pension fund arena.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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