The efforts to change the way public money is managed are motivated, in no small part, by the big fees and lackluster performance that many hedge funds and private equity firms have delivered to their biggest clients in recent years. In Wisconsin, the state’s $91 billion public pension fund, the nation’s ninth-largest, is looking for an employee to run a new program that will make private equity investments directly rather than through a fund. The fund has estimated it will save $19.3 million in fees over the next five years on the $500 million that will be put to work. Read the full NYTimes story here.