\u201cWe\u2019re talking about the third largest fund manager in the entire country who drastically underperformed his own benchmarks for nearly 20 years and crushed taxpayers in the process while enriching hundreds of bankers in the middle of an affordability crisis,\u201d Warshaw said.<\/p>\n
![\"New](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/12\/new-york-state-comptroller-tom-14255326.jpg\")
State Comptroller Tom DiNapoli has held his office since 2007, when he was picked to fill the vacancy created by the resignation of Alan Hevesi. STEFAN JEREMIAH<\/p>\n
Warshaw models his \u201calternative approach\u201d in his paper based on data extracted from the Common Retirement Funds\u2019 annual financial reports.<\/p>\n
He points out that DiNapoli has hired more active investment managers \u2014 who charge sometimes hefty fees \u2014 to seek a higher return on the funds\u2019 investment.\u00a0<\/p>\n
\u201cHad the Comptroller simply paid the lower, fractional cost of investing in a diversified set of index funds instead of paying hundreds of investment managers $11.3 billion in fees, the Comptroller would have saved New York taxpayers $59.1 billion,\u201d Warshaw states in the paper.<\/p>\n
The roughly $60 billion price tag for taxpayers appears in payments into the fund from the state and municipalities over DiNapoli\u2019s 18 years in office.<\/p>\n
DiNapoli\u2019s team said hiring more investment managers is justified, given the rise of new, diverse asset classes since he took office just before the 2008 financial crisis. They also largely brushed off Warshaw\u2019s conclusions as flawed.<\/p>\n
![\"Drew](\"https:\/\/www.europesays.com\/us\/wp-content\/uploads\/2025\/12\/drew-warshaw-candidate-ny-state-117720161.jpg\")
Drew Warshaw is running a long-shot primary to unseat DiNapoli, a long-time incumbent. Drew Warshaw campaign<\/p>\n
\u201cThis guy can\u2019t even do basic math,\u201d said DiNapoli\u2019s campaign manager, Daniel Pereira, blasting Warshaw\u2019s model as faulty and unreliable.<\/p>\n
\u201cNew York\u2019s pension plan is virtually fully funded and one of the strongest in the nation. Any plan that moves away from a well-diversified portfolio, especially one based on a shoddy report full of math mistakes, endangers the retirement security of more than a million working families. New York taxpayers deserve better,\u201d DiNapoli\u2019s rep added.<\/p>\n
Warshaw stood by his approach.<\/p>\n