Regarding the March 5 business story “Clash over pension funds continues”: Kudos to the State Employees Association of North Carolina for questioning the fees paid to advisers and sub-advisers on “their” pension.
Having been in the investment industry more than 15 years, I can say that there are fees assessed at every level. With academic research proving again and again that there is in fact a correlation between investment risk and returns, it seems to me that performance-based fee arrangements of any kind are unjustified and a waste of money.
I hope that Edward Siedle carefully scrutinizes the relationships between all the decision-makers of the pension and that this information is disclosed. When it comes to investing, transparency is essential. There is an awful lot at stake!