September 08, 2006

Pension Fund Paid Millions

A few weeks ago, I had written a post titled "Will the Pension Bill Benefit Hedge Funds?" about how the pension bill will benefit hedge funds. The current post is somehow linked to that post. The N.C. pension fund paid $6 million fees last fiscal year to an investment firm under scrutiny for its involvement in promoting tax shelters. The N.C. Retirement Systems said it had invested about $400 million invested with Seattle-based Quellos Group LLC.

Quellos was named in a Congressional report detailing offshore tax havens. It can be recalled that the pension fund earlier said it was reviewing the investment. In the fiscal year that ended June 30, the $70 billion pension fund for state and local public employees paid Quellos a base fee of 0.5 percent of total assets, plus a performance fee.

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