Managers of North Carolina Retirement Systems that have agreed to fee reductions. Projected annual cost savings only reflects the change in management fee.
Managers
Strategy
Assets managed as of March 31 (millions)
Current fee schedule
Proposed fee schedule
Annual cost savings (at March 31)
Numeric Investors
Small-cap growth
$68.3
0.90% on all assets
0.75%
$102,474
Numeric Investors
Small-cap value
$209.4
0.90% on all assets
0.75%
$314,136
Longview Partners
Global
$852.9
First $50 million: 0.75%
Next $50 million: 0.65%
Next $150 million: 0.60%
Balance: 0.50%
First $50 million: 0.75%
Next $50 million: 0.65%
Next $150 million: 0.60%
Next $250 million: 0.50%
Thereafter: 0.40%
$352,878
Relational Investors
Large-cap core*
$574.6
1.5% management fee
20% incentive fee over benchmark return
First $300 million: 1.5%
Over $300 million: 1.0%
20% incentive fee over benchmark return
$1,240,000
TimesSquare Capital Mgmt.
Midcap diversified
$219.5
First $50 million: 0.80%
Next $50 million: 0.70%
Balance: 0.60%
First $50 million: 0.80%
Next $50 million: 0.70%
Next $100 million: 0.60%
Balance: 0.50%
$19,000
Turner Investments
Large-cap growth
$669.2
First $300 million: 0.85%
Balance: 0.35%
First $300 million: 0.70%
Balance: 0.35%
$448,425
*Relational Investors is a long-only activist investing strategy with structure similar to that utilized within the hedge fund industry.
Source: North Carolina Department of State Treasurer
