State Treasurer Dale Folwell said Tuesday that he had cut almost $25 million in fees paid to outside managers of the state’s $91.7 billion pension fund.
Folwell, a Republican elected last year, made cutting management fees part of his campaign for the office. He has promised to save $100 million in fees over his four-year term.
“The purpose of talking about $100 million is to under-promise and over-deliver,” Folwell said in a telephone call with reporters. The money saved so far represents less than 5 percent of the management fees the state pays, he said.
Some of the state pension fund is invested with managers who earn fees for performance. The fee reductions were the result of under-performance of some of those investments, Fowell said.
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“We need to make sure fees we’re paying are proper,” he said.