Primary source: https://comptroller.nyc.gov/newsroom/comptroller-stringer-billions-in-pension-fund-fees-paid-to-wall-street-have-failed-to-provide-value-to-taxp

Primary source: https://comptroller.nyc.gov/newsroom/comptroller-stringer-billions-in-pension-fund-fees-paid-to-wall-street-have-failed-to-provide-value-to-taxpayers/ https://comptroller.nyc.gov/newsroom/comptroller-stringer-bi... The wording of both primary and secondary sources doesn't make the facts uncovered by the analysis particularly clear, IMO. Based on my reading, these are the facts: * Managers of public investments (public stocks, bonds, etc) outperformed their benchmarks by at least $2.1 billion before fees, and charged at least $2 billion in fees. Fees were at least 95% of excess returns, but less than 100%. * Managers of hedge funds, private equity funds, and real estate investments underperformed their benchmarks after fees by $2.6 billion. Amount of fees is not stated.