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Wall Street Fees Wipe Out $2.5 Billion in New York City Pension Gains
The New York Times; subscription may be required 
Apr. 9, 2015
"Most of the funds' money -- more than 80 percent -- is invested in plain vanilla assets like domestic and foreign stocks and bonds. The returns on those investments are generally reported after the fees, which are usually paid as a percent of the assets each firm manages. Over the last 10 years, the return on those 'public asset classes' has surpassed expectations by more than $2 billion, according to the comptroller's analysis. But nearly all of that extra gain -- about 97 percent -- has been eaten up by management fees, leaving just $40 million for the retirees, it found."
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