City Comptroller Scott Stringer and State Comptroller Thomas DiNapoli were two of 13 public-pension leaders who July 21 urged the Securities and Exchange Commission to adopt rules to require more transparency from private equity managers when disclosing fees and expenses to limited partners.
The leaders, who collectively oversee approximately $1 trillion in assets, advised SEC Chairwoman Mary Jo White to require the quarterly disclosure of fees and expenses, which are often hidden in “opaque” reporting systems. While they said all of those involved should help the funds meet their obligations, the SEC was in the best position to standardize how the fees are determined and disclosed.
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