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June 18, 2010 01:00 AM

Table: North Carolina's fee reductions

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    North Carolina's fee relief
    Managers of North Carolina Retirement Systems that have agreed to fee reductions. Projected annual cost savings only reflects the change in management fee.
    ManagersStrategyAssets managed as of March 31 (millions)Current fee scheduleProposed fee scheduleAnnual cost savings (at March 31)
    Numeric InvestorsSmall-cap growth$68.3 0.90% on all assets0.75%$102,474
    Numeric InvestorsSmall-cap value$209.4 0.90% on all assets0.75%$314,136
    Longview PartnersGlobal$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 InvestorsLarge-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 InvestmentsLarge-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

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