PERAC Memo #15 - 2017: STS/LStar Event
STS/LStar Event
View original on mass.gov →Summary
This memo warns retirement boards about an unsolicited investment event at Gillette Stadium sponsored by STS/LStar that some board members received invitations to attend. PERAC advises that retirement system assets cannot be directly invested in real estate, and that STS does not appear to be SEC-registered as required under PERAC's Placement Agent Policy. The memo also clarifies that MACRS did not sponsor or endorse the event.
Full Text
M E M O R A N D U M
TO: All Retirement Boards
FROM: Joseph E. Connarton, Executive Director
RE: STS/LStar Event
DATE: March 9, 2017
Recently, retirement board members received an invitation to an event at Gillette Stadium regarding a prospective investment. Please be advised that assets of retirement systems cannot be directly invested in real estate. Also this event raises a potential violation of PERAC's Placement Agent Policy (see attached) as the sponsoring entity (STS) does not appear to be registered with the SEC as required.
Some confusion has been created by the assertion in the invitation that the event is somehow sponsored by MACRS. Please see the attached statement by MACRS President Kathleen Kiely-Becchetti which makes it clear that MACRS is not involved in any such sponsorship.
Thank you for your attention in this matter.