NYC Pension Funds: The Impact Of Management Fees On Value [Slides]

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The Impact of Management Fees on Value: What’s Left After Wall Street is Paid? by Wall St. For Main St

Deciphering Added Value Over the Past 10 Years

We have estimated the 10 year cumulative dollar impact of fees using:

  • Top down public fee rates from appendix of quarterly reports to trustees (for 2005-2013 data).
  • Bottom up public fees from internal analysis by Bureau of Asset Management (for 2014 data).
  • Estimated annualized net cash flows.

External Managers Failed to Keep Up With the Benchmark Over the Past 10 Years

But We Paid Nearly All of the Value Created to Wall Street

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Detail of Private Markets Impact

But We Paid Nearly All of the Value Created to Wall Street

In Private Markets, Private Equity & Real Estate Have Lagged

But We Paid Nearly All of the Value Created to Wall Street

Only Opportunistic Fixed Income Has Delivered Returns Above Public Market Equivalent (PME) Benchmark

But We Paid Nearly All of the Value Created to Wall Street

In Public Markets, We Were Narrowly in the Black

But We Paid Nearly All of the Value Created to Wall Street

But We Paid Nearly All of the Value Created to Wall Street

But We Paid Nearly All of the Value Created to Wall Street

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