An analysis by the New York City’s comptroller has concluded the city’s pension funds over the past 10 years paid over $2 billion in fees to money managers but got almost nothing in return.
He says the returns on investments in privately traded assets traditionally have been reported without taking fees into account. He says the fees were disclosed only in footnotes to the funds› quarterly statements. The city’s pensions system holds retirement funds for about 715,000 city employees.
