COLUMBIA, S.C. (AP) -- An auditing firm says the agency investing South Carolina's pension portfolio doesn't overpay in investment fees but rather reports those fees more thoroughly than any other public pension fund in the nation.
The review by Funston Advisory Services is the latest to find no evidence of criminal or ethical wrongdoing at the Retirement System Investment Commission despite years of accusations by Treasurer Curtis Loftis. The report released Tuesday says the dysfunctional relationship between Loftis and the commission he sits on is one of the most significant risks to the $27 billion portfolio that benefits more than 550,000 residents.
Loftis argues the investment agency pays too much in fees while underperforming.
The Michigan-based firm says the agency's investment strategy explains why the portfolio underperformed its peers between 2007 and 2012.