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Chester County retirement fund posts small quarterly loss; public asks for fee transparency
Summary
Investment consultants reported the Chester County Employees' Retirement Fund was down 0.7% for the quarter and remains around $544 million; a Penn Township resident urged the board to report actual dollar amounts paid in manager fees and raised concerns about delayed private-equity statements.
Investment advisors told the Chester County Employees' Retirement Board on May 16 that the county's retirement portfolio was down 0.7% for the quarter and ended the period at about $542.5 million, with a year-to-date decline of 0.4% through April.
The presentation, given during the board's performance update, said the portfolio began the quarter at about $555.8 million and reflected $9.3 million in total withdrawals and roughly $6.5 million in capital losses for the quarter. An investment presenter said more recent market gains have brought the fund closer to $557 million as of May 13.
A Penn Township resident, James Delusio, used the meeting's remote-participation option to ask the board to include dollar amounts for manager and advisory fees in future quarterly reports. "It's valued at over a half a…
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