New York bans private-equity firms from using middlemen

04/24/2009 | Reuters

New York has banned private-equity funds from using middlemen to attract money from the state's $122 billion pension fund. The ban comes as state and federal regulators conduct kickback investigations on the state's pension funds. Private-equity firms are expected to suffer as a result of the rules, and other states are expected to follow New York's lead in enacting such a ban.

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