Hedge Fund Got Most South Carolina Fees While Lagging on Returns

BusinessWeek  – Mariner Investment Group LLC, a hedge fund founded by a former Bear Stearns Cos. fixed-income executive, charged South Carolina’s pension fund more than any other manager while delivering returns that trailed competitors.

Mariner, started by William Michaelcheck, 65, got $38 million in fees from the South Carolina Retirement Systems in fiscal 2011, or 16 percent of all the compensation paid to the fund’s money managers, which totaled $239 million, according to pension officials.

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