A top official overseeing a major public pension fund has criticized the gradual increase in management fees, calling it a "steady creep" that could erode long-term returns for retirees. The criticism comes as fund managers face scrutiny over whether rising costs are justified amid market volatility and shifting investment strategies. Concerns have been raised about transparency and whether higher fees directly benefit pensioners or primarily line the pockets of asset managers. The comments highlight growing tensions between public pension funds and the private firms responsible for growing their investments.
Head of city’s $326bn Retirement Systems hits out at ‘steady creep’ higher in fees charged by managers
