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North Carolina union calls for probe of hidden pension fund fees

The union said Treasurer Janet Cowell is failing to disclose all direct and indirect placement fees, asset fees, performance fees and any other management fees in the $86 billion pension fund.

By Darrell Preston | Updated on March 18, 2014

March 18 (Bloomberg) — An investigator for North Carolina’s public employees’ union asked the state auditor to investigate what it called hundreds of millions of dollars of undisclosed fees in the state pension fund.

The union said Treasurer Janet Cowell is failing to disclose “all direct and indirect placement fees, asset fees, performance fees and any other management fees” in the $86 billion pension fund, according to a letter that Benchmark Financial Services Inc., sent to Beth Wood, the North Carolina auditor, on March 17. The fees total about $1 billion, said Edward Siedle, president of Ocean Ridge, Florida-based Benchmark, which the union hired. The firm investigates the money-management industry.

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