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Barry Ritholtz

A Pension Fund Comes to Its Senses

A high-fee consultant delivered investment underperformance.
Someone thought they could get this for nothing.

Someone thought they could get this for nothing.

Photographer: John B. Carnett/Bonnier Corp./Getty Images
Updated on

Last August, we called out the San Diego County retirement fund for paying way too much in fees to Salient Partners, its outside pension-fund manager. Based on reporting by Dan McSwain, the San Diego Union-Tribune alerted readers to a dramatic increase in the use of leverage once Salient took the reins.

On July 16, the county fired Houston-based Salient, according to the Union-Tribune.