Politics & Government

June 14, 2014 8:00 PM

Kentucky Retirement Systems pays millions in fees to money managers but keeps the details a secret

The struggling Kentucky Retirement Systems last year paid $55 million to outside firms to manage its investments. More than half of those fees — at least $31 million — went to the managers of hedge funds, private equity, real estate and other "alternative investments" that hold just one-fourth of the system's $15 billion in assets and produced its lowest returns.

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