PROVIDENCE – A high-ranking staff member with the R.I. Treasurer’s Office has resigned.
The Office of the General Treasurer confirmed Friday that Saul Ioffe, who had served since August 2022 as the manager of private assets for the state’s investment portfolio, announced his departure Aug. 23 during the monthly meeting of the R.I. State Investment Commission.
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Part of the team overseeing the $10 billion Employees’ Retirement System of the State of Rhode Island, Ioffe was responsible for managing $3 billion in private equity, private credit, private real estate, and private real assets and the roughly $500 million Rhode Island OPEB trust fund.
Treasury spokesperson, Michelle Moreno-Silva, declined to elaborate on the reasons for Ioffe’s departure and said the office will be releasing a job posting to fill the vacancy in the coming days.
“Treasurer Diossa is appreciative of Saul’s work, especially as it was essential to the people of Rhode Island,” she said.
A New York native who received a Master of Science in Applied Data Analytics last May from Boston University, Ioffe joined the Treasury in October 2019 as an investment analyst.
Ioffe received $108,538 in salary in benefits in fiscal 2023, according to public records.
In his July report to the SIC, chief investment officer Eric Baggesen reported that ERSRI is up about 6.5% this fiscal year and OPEB is up 8.9%. According to the Treasury website, the pension system’s annual target rate is 7.0%
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
This is a very disturbing departure.