fees paid out by the UC Retirement Plan; the results of those inquiries
have been confusing. I want to renew that request by reference to a
newly published report from UCOP that gives detailed data on this topic
for the University's endowment funds.
Finance Committee Regarding their January 25, 2008 Inquiry on
Affordability and Endowments." On page 26 of that document we
find,
Annual Endowment Report. For the current year, the cost of managing the
GEP is 74 basis points. This is comprised of 65 basis points that are
attributable to external money managers, and 9 basis points that are
attributable to our internal costs. These 9 basis points consists of 6
basis points related to administrative costs and 3 basis points related
to investment management and custodial expenses. The weighted average
for all UC endowments for the most recent fiscal year is 81 basis
points."
And that is followed by further data, mostly historical.
The
numbers given there for the endowment funds are very different from
those I have seen for the UCRP. So my present request is for
authoritative data of this detailed nature for the UCRP.
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Hello
Professor Schwartz:
UCRP was 36 basis points. This is
comprised of 28 basis points that are
attributable to external money
managers, and 8 basis points that are
attributable to UC's internal costs.
These 8 basis points consists of 5
basis points related to
administrative costs and 3 basis points related
to investment management and
custodial expenses.