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Pension data from 2011–2016 analyzed by the CRR indicate that higher fees correlate to lower net-of-fee performance relative to benchmarks. (Photo: Shutterstock)

Public pension plans evaluate their performance by comparing returns by asset class to certain benchmarks—and in the quest to beat benchmarks, they seek out external asset managers to do just that.

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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