Comptroller: Fees wipe out billions in city pension gains

April 9, 2015 10:56 AM

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An analysis by the New York City's comptroller has concluded the city's pension funds over the past 10 years paid over $2 billion in fees to money managers but got almost nothing in return.

Comptroller Scott Stringer told The New York Times (http://nyti.ms/1Gs9Amm ) the fees not only wiped out any benefit to the funds but have cost taxpayers billions of dollars in lost returns.

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