Pension system investment directors managing more than $217 billion in California and New Jersey have reduced millions of dollars in projected costs by lowering the fees they pay to asset managers, Bloomberg reports. The $146.4 billion California State Teachers Retirement System has cut the fees it pays to money managers by an average of 15% since June 2009.
New Jersey-based pension-investment managers have negotiated at least $40 million of fee and expense cuts during the next five years. The New Jersey officials are seeking at least $50 million in secured savings over the next five years, said Timothy Walsh, director of the state Treasury Department division that manages pension investments.
Complete story from Bloomberg.