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Fees High, Returns Low for SC Pension Fund

A 'systemic' problem says Loftis.

The investment group charged with managing the pension of South Carolina state employees has taken in high fees compared to other money managers.

According to a report from Bloomberg, Mariner Investment Group, LLC, which manages South Carolina's pension, took home $38 million in fees last year while having a return of between 2 and 13 percent. By comparison, Bridgewater Associates LP, collected 34 percent less fees than Mariner while managing $300 million more  and having a return between 17 percent to 24 percent. 

The Bloomberg report says the problem of high fees for low return is one that is facing several other states and the lack of transparency regarding some of Mariner's holdings has .

The complete story from Bloomberg is available here.

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Liberal in SC May 30, 2012 at 05:50 PM
This is why we should use the fund to start a SC State Bank like ND has had for 100 years! A SC State Bank would loan money to SC Businesses, Construction projects (can you say Port Dredging?), and Student Loans. ALL of the money would STAY IN SC !

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