Letter: Fees have spiked from Investment Commission

  • Posted: Monday, November 4, 2013 1:01 a.m.

What was not referred to in Gary Bunker’s column on Oct. 28 regarding the wisdom of appointing Aiken’s own Greg Ryberg, was the basis for State Treasurer Curtis Loftis’ concern with the South Carolina Retirement System Investment Commission.

In 2007, South Carolina ranked in the bottom 20 percent of return on the investment of our retirement fund. Additionally, we were also in the bottom 20 percent in fees paid to the New York brokers for trading on our stock portfolio.

However, in 2012, while we are still in the bottom 20 percent in return on our capital, the commission has succeeded in vaulting us to the top 10 percent tier of fee payers. In 2007, we paid $36 million and in 2012, we paid $439 million. A $400 million increase with nothing to show for it. Thank God we have someone with the integrity to stand up and point this out to the tax payers of South Carolina.

Claude O’Donovan

Wagener

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