Bloomberg – South Carolina’s $26 billion pension fund paid excessive fees while trailing peers after an overseer invested half the plan’s assets with hedge funds and private- equity firms, state Treasurer Curtis Loftis said.
The South Carolina Retirement System would have done better between fiscal 2007 and 2011 by investing in a mix of 40 percent bonds and 60 percent equities, Loftis said yesterday in a statement prepared for a legislative hearing. He said Robert Borden, the pension’s chief investment officer until he resigned in December, oversaw a plan that placed 49.3 percent of assets in “alternative investments.”
