Maryland’s high-priced pension advisers aren’t beating basic investment strategies

Some state retirees and outside observers are flagging warning signs about Maryland’s $67 billion pension fund, including $800 million in yearly management fees and alarms raised by a bond rating agency about risky investments. They’re questioning an investment strategy that leans on private equity, real estate and hedge funds — so-called alternative investments that are supposed to juice returns — but have instead led to subpar performance compared to other states.