Investment of Public Funds – Pitfalls of Neglecting Periodic Review of Public Money Policies

In the second installment in our series on Investment of Public Funds, we use a specific example to highlight the danger of not reviewing the statutes, regulations, and policies governing the investment of public funds on a regular basis. In our example, a pension fund board failed to rely upon the correct statute in developing its investment policy statement, which resulted in the Fund investing in securities well beyond the scope of the securities permitted under the statute. No firm wants to advise its client to invest in impermissible securities, as it could lead to liability and more.

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