FYI: New York City’s five pension funds paid Wall Street investment managers $1 billion last fiscal year as they plowed more money into expensive private equity and real estate funds in pursuit of large returns.
Investment expenses rose almost 12 percent for the fiscal year ending June 30, according to the city’s comprehensive annual financial report. The city’s $200 billion pension system returned 8.7 percent for the year after paying 271 money managers.
Regards,
Ted
https://www.fa-mag.com/news/new-york-city-pensions-paid-wall-street--1-billion-last-year-41768.html?print
