Pensions & Investment– June 13, 2005

In the article (pg 27) titled "Louisiana law puts disclosure onus on firms", Samuel W. "Skip" Halpern, executive vice president, Independent Fiduciary Services, Inc., Washington said, "The overall thrust of the [Louisiana] legislation is healthy from a public policy perspective. The statute is well aimed at focusing on revenue from other than pension sponsor sources, and I take that to mean revenue from helping money managers in their proprietary business. It's a good provision insofar as it refers to revenue in both hard and soft dollars," Mr. Halpern said. "The law has a presumption that the failure to disclose causes damage. From the standpoint of good governance, that is a good presumption."