Aug

4

According to this study of the Maryland Public Policy Institute, for public pension funds, higher money management fees lead to lower returns.

Which makes sense, since public pension boards are unlikely to have the expertise necessary to discern among managers in a way sufficient to overcome the vig of higher fees.

Once again, unless you have an edge– index!


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  1. Art Cooper on April 14, 2016 12:06 pm

    Pension plans seem to be acting in response to the high fees of hedge funds. See
    this Bloomberg article:

    http://www.bloomberg.com/news/articles/2016-04-13/nyc-pension-weighs-liquidating-1-5-billion-hedge-fund-portfolio

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