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Steven B. Rosenfeld Chair/Board Member Monica Blum Board Member Angela Mariana Freyre Board Member Andrew Irving Board Member Burton Lehman Board Member ____________ Mark Davies Executive Director Wayne G. Hawley Deputy Executive Director & General Counsel Carolyn Lisa Miller Director of Enforcement Julia Davis Special Counsel & Director of Financial Disclosure Alex Kipp Director of Training & Education Ute O’Malley Director of Administration Derick Yu Director of Information Technology
October 25, 2010
FOR IMMEDIATE RELEASE WILLETT ADVISORS LLC IS THE NEW INVESTORCO FOR ASSETS OF MAYOR MICHAEL R. BLOOMBERG AND THE BLOOMBERG FAMILY FOUNDATION. In its Advisory Opinion No. 2007-4, dated December 26, 2007, the Conflicts of Interest Board (the “Board”) approved an arrangement whereby the oversight of certain investments of Mayor Michael R. Bloomberg and the Bloomberg Family Foundation would be undertaken by a so-called Investorco, an entity that would shield the Mayor not only from any control over where these funds were invested but also from any knowledge of those investments. The Opinion required that the identity of the Investorco would be disclosed to the Board, which in turn would make that name public. In the immediate wake of the issuance of the Opinion, the Mayor identified the Investorco as Quadrangle Asset Management (“Quadrangle”), and the Board in turn made that name public. The Opinion also required that the Mayor provide the Board with the agreement with the Investorco reflecting the requirements of the Opinion, most prominently with the requirement that the Investorco shield the Mayor from control over and knowledge about the investment of the funds at issue. The Mayor provided the Board with the subject agreement with Quadrangle. Mayor Bloomberg has now advised the Board that a newly formed entity, Willett Advisors LLC (“Willett”), a Delaware corporation, would become the Investorco in the place of Quadrangle; that he is the sole owner of Willett; and that Willett will employ the same individuals to manage his assets as Quadrangle did. The Mayor has also provided the Board with a copy of the agreement between the Mayor and Willett whereby Willett will act as the Investorco, as that term is used in Opinion No. 2007-4, which agreement provides that the Mayor and Willett will adhere to the obligations and limitations set forth in that Opinion and in any other relevant ruling or opinion of the Board.
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Having reviewed this agreement and the associated arrangement between Mayor Bloomberg and Willett, the Board has determined that this arrangement, whereby Willett serves as the new Investorco for assets of Mayor Bloomberg and of the Bloomberg Family Foundation, conforms to the requirements of New York City Charter Chapter 68, the City’s Conflicts of Interest Law. A copy of Advisory Opinion No. 2007-4 is attached. The Conflicts of Interest Board is the City’s ethics board and is responsible for administering Chapter 68 of the New York City Charter, the City’s conflicts of interest law. The Board is composed of five members, appointed by the Mayor with the advice and consent of the City Council. The Board does not comment on its advice to public servants, except as set forth above. For copies of any additional public documents, e-mail firstname.lastname@example.org.