"On June 30, 2011, the Maryland State Retirement and Pension System ('the System') reported net assets of $37.6 billion.... During the fiscal year ending June 30, 2011, the System spent $221 million on Wall Street money management fees, though fund management appears to have yielded subpar results. There is substantial evidence that Wall Street managers are unable to beat passive equity index funds that cost much less in fees.... The ratio of the System's Wall Street fees equaled 0.693 percent in FY 2011, above the 0.409 percent of similar state systems nationwide."  MORE >>