CBS Bay Area:

The University of California paid hedge fund managers about $1 billion in fees over the last 12 years, according to a white paper study released by the university system’s largest employee union.

AFSCME Local 3299 announced Tuesday the release of a white paper study highlighting what they say is the lack of transparency and lack of returns associated with the university system’s current hedge fund investment plan.

The union, which represents more than 22,000 employees at the university’s 10 campuses and numerous other centers, clinics and labs, states that the university’s “experiment” with hedge fund investments “has fallen far short of the expectations on which they were sold” and wasted money on performance and management fees “for returns that largely mirrored the stock market.”