June 19, 2018
Read the Report

In April 2018, the Pennsylvania State Employees Retirement System (PA SERS) announced that it was ending its almost quarter century with Lowe Enterprises Investors. PA SERS accounted for more than 70 percent of Lowe’s public pension fund assets under management, making it one of the firms most important clients.

In recent years, Lowe not only underperformed PA SERS’s other separate account managers but at times even failed to achieve the returns provided by Treasury securities. A new report uncovers Lowe’s underperformance on behalf of PA SERS and raises questions that other limited partners may ask of the firm.