Scott Stringer vowed during his successful campaign for New York comptroller to reduce the $370 million in fees the citys five pension funds pay money managers and consultants annually. His job, which starts Jan. 1, just got harder.
The charges climbed to $472.5 million in the year ended June 30, enough to pay the salaries of 6,440 teachers, a city report shows. The 28 percent gain is more than double the return on the $137.4 billion retirement systems assets in the same period. In the past seven years, investment expenses for the pensions, which are overseen by the comptrollers office, surged by $280 million.
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