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California, New Jersey Pension Funds Lower Manager Fee

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.

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.

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