The investment group charged with managing the pension of South Carolina state employees has taken in high fees compared to other money managers.
According to a report from Bloomberg, Mariner Investment Group, LLC, which manages South Carolina's pension, took home $38 million in fees last year while having a return of between 2 and 13 percent. By comparison, Bridgewater Associates LP, collected 34 percent less fees than Mariner while managing $300 million more and having a return between 17 percent to 24 percent.
The Bloomberg report says the problem of high fees for low return is one that is facing several other states and the lack of transparency regarding some of Mariner's holdings has drawn criticism from South Carolina State Treasurer Curtis Loftis.
The complete story from Bloomberg is available here.