PROVIDENCE – The Rhode Island pension fund ended the fiscal year with a record-high $8.47 billion in assets under management, according to the R.I. Office of the General Treasurer.
The year-end high comes despite a $900 million loss in the first quarter of the year due to the onset of the COVID-19 pandemic. The release credited R.I. General Treasurer Seth Magaziner’s “Back to Basics” investment strategy, including a crisis protection class to shield against volatile markets, as reasons for the state’s strong year-end performance.
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Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
