Questions raised about Atlanta pension arrangement
ATLANTA (AP) — The
financial adviser managing Atlanta's three pension systems says the city
investing in a fund that was created by his own firm isn't a conflict
The Atlanta Journal-Constitution reported Sunday that
Atlanta's firefighter, police and general employee pension boards
approved a plan to invest $64 million in a fund created by Gray &
Co., owned by city financial adviser Larry Gray.
reports Gray's firm is also making about $400,000 annually to pick the
best investments for the city's pension funds.
Financial Officer Jim Beard sits on all three pension boards and says
Gray's ownership of the fund doesn't impact his ability to be impartial
in advising those overseeing Atlanta's $2.5 billion pension system. The
city's law department also stands by the arrangement.