South Carolina to go it alone 28 September 2010South Carolina Reporter: Ben Wilkie
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The South Carolina Pension Fund is to create a management firm to look after its assets, in a move that could see it offering its own securities lending services.
The management firm will initially control the fund's illiquid assets, including the private equity and real estate portfolios, and is due to launch at the start of October.
The USD15 million start up has been created, said Allen Gillespie, commission chairman, to reduce costs and "mitigate certain risks associated with illiquid asset classes." Gillespie estimates the enterprise could save the fund 25 per cent on private equity costs through reduced fees.
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