Johnny Liu to the rescue!

From the NY Post:

Investment firms that have reaped hundreds of millions of dollars managing the city's mammoth pension funds over the last eight years could be in a for a rude shock when John Liu takes over as comptroller.

Liu, a Queens city councilman with a background in finance, thinks investment managers are making too much money off the $85 billion pension funds.

"The funds seem to be thinly diversified and heavily managed at the same time," Liu said. "It suggests investment-management expenses can be trimmed."

That's sure to send shivers through firms collecting big bucks to oversee the city's pension investments, which include everything from staid fixed-income securities to leveraged private-equity placements.

Liu's assessment came after what he called a "very cursory review" of pension portfolios. Final decisions will be deferred, he said, until he has consulted with a new team of professionals he's recruiting.