PROVIDENCE – The state treasury has executed a yearlong strategy to unload about $500 million for the Rhode Island public pension plan.
General Treasurer Seth Magaziner announced last week his office had exceeded its goal of reallocating the millions through his investment strategy announced last year called Back to Basics.
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“My Back to Basics strategy is getting the pension system healthy in order to provide retirement security for those who have dedicated their careers to public service and bring more stability to Rhode Island’s finances,” he said.
Since October 2016, the $8.2 billion has reallocated funds from various hedge funds, including Ascend Capital, Brevan Howard, Brigade Capital Management, Emerging Sovereign Group, Partner Fund Management, Samlyn Capital and Och-Ziff Capital Management, according to a press release.
High fees and lackluster performance accounted for some of the impetus for moving away from having such a substantial portion of the public pension fund invested in hedge funds.
