This is a great conversation. I have been is this business 30 years and this guy Treasurer Loftis has nailed it as well as anyone! If the investors only knew how little care was exercised in limiting the high cost of fund and partnership expenses they would be appalled. And don’t even get me started about those hidden :”benefits” to pension fund staff!!
I met Treasurer Loftis in DC where he was testifying before Congress about another matter. We spent 30 minutes together with the CFO of our firm, and the CFO took notes! Our firm has now made significant changes to our partnership agreements , custody agreements, fee capture and communication policies.
We are convinced that Treasurer Loftis is at the front end of a major change in how Wall Street interacts with Pension Plans. By being out front on these issues we expect to catch valuable market share before others jump on the band wagon.
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