Regulator says lucrative transfer incentives create conflict of interest for advisers.
Unreported carried interest accounted for as much as 35% of state pension’s total fees in 2018.
Practice seen as less risky as it was before the financial crisis.
Wizard of Omaha has slipped in some subtle advice for funds in Berkshire’s annual letter.
Pension fund defends use of “essential” asset class, despite high fees.
The state’s Public School Employees’ Retirement System says the returns justify the fees.
Pew report says states are paying billions of dollars in unreported fees.
State treasurer expects the move to save the state about $5 million a year in fees paid to managers.