SEC settles charges against SF pension consultant

The Securities and Exchange Commission hassettled charges against San Francisco-based pension consulting firm Callan Associates for failing to adequately disclose its relationship with a broker-dealer it recommended.

After selling its affiliated brokerage firmto BNY Brokerage, Inc. in 1998, Callan allegedly agreed to refer clients to BNY. In return, BNY made payments to Callan contingent on the revenue generated by referred clients. Callan allegedly told both the commission and clients that the payments were fixed payments for the sale of the brokerage.

Callan has not admitted or denied the charges, but cooperated with the investigation and agreed to revise its disclosures regarding the payments.

Callan, described by the SEC as one the nation’s largest pension consultants, provides services to institutional retirement plans, endowments, foundation and investment managers.

businessBusiness & Real Estate

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

In announcing the upcoming return of The City’s iconic tourist attraction, Mayor London Breed said, “Now you know we are not San Francisco without cable cars.” <ins>(Kevin N. Hume/S.F. Examiner)</ins>
Streetcars and cable cars to return later this year

F-line coming back in May, while Powell/Hyde will be restored in the Fall

The San Francisco Police Department released body camera footage of the alleged assault on Dacari Spiers. (Via SFPD Body Cam)
SF police officer to stand trial for assault over baton beating

A San Francisco police officer who prosecutors say unnecessarily beat a man… Continue reading

A cyclist rides through the empty Christmas Tree Point parking lot at Twin Peaks on Friday, Jan. 22, 2021. (Kevin N. Hume/S.F. Examiner)
SFMTA board approves new plan for Twin Peaks Boulevard

Cuts vehicle-free space by half. Neighbors say crime, vandalism will still abound

(Kevin N. Hume/S.F. Examiner)
Study finds housing homeless in hotels during pandemic eases burden on hospitals

Amina Khan Los Angeles Times San Francisco researchers have found an effective… Continue reading

Cities including San Francisco, Oakland and Berkeley are calling for large grocery and drug store chains to pay employees hazard pay for working during the COVID-19 pandemic. (Shutterstock)
SF proposes $5 hazard pay law for grocery, drug store workers

San Francisco may soon join the growing number of cities requiring large… Continue reading

Most Read