CITY OF NEW YORK

CONFLICTS OF INTEREST BOARD

2 Lafayette Street, Suite 1010
New York, New York 10007
(212) 442-1400
Fax: (212) 442-1407 TDD: (212) 442-1443

Steven B. Rosenfeld
Chair/Board Member October 25, 2010
Monica Blum
Board Member
FOR IMMEDIATE RELEASE
Angela Mariana Freyre
Board Member WILLETT ADVISORS LLC IS THE NEW INVESTORCO FOR ASSETS
OF MAYOR MICHAEL R. BLOOMBERG AND THE BLOOMBERG
Andrew Irving
Board Member FAMILY FOUNDATION.
Burton Lehman
Board Member In its Advisory Opinion No. 2007-4, dated December 26, 2007, the
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Conflicts of Interest Board (the “Board”) approved an arrangement whereby
Mark Davies the oversight of certain investments of Mayor Michael R. Bloomberg and the
Executive Director Bloomberg Family Foundation would be undertaken by a so-called
Wayne G. Hawley Investorco, an entity that would shield the Mayor not only from any control
Deputy Executive Director over where these funds were invested but also from any knowledge of those
& General Counsel investments. The Opinion required that the identity of the Investorco would
Carolyn Lisa Miller be disclosed to the Board, which in turn would make that name public.
Director of Enforcement
In the immediate wake of the issuance of the Opinion, the Mayor
Julia Davis
Special Counsel & identified the Investorco as Quadrangle Asset Management (“Quadrangle”),
Director of Financial and the Board in turn made that name public. The Opinion also required that
Disclosure the Mayor provide the Board with the agreement with the Investorco
Alex Kipp reflecting the requirements of the Opinion, most prominently with the
Director of Training & requirement that the Investorco shield the Mayor from control over and
Education knowledge about the investment of the funds at issue. The Mayor provided
Ute O’Malley the Board with the subject agreement with Quadrangle.
Director of
Administration Mayor Bloomberg has now advised the Board that a newly formed
Derick Yu entity, Willett Advisors LLC (“Willett”), a Delaware corporation, would
Director of Information become the Investorco in the place of Quadrangle; that he is the sole owner
Technology 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.
Visit our home page at http://nyc.gov/ethics
 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 hawley@coib.nyc.gov.