PROVIDENCE – The State Investment Commission last month unanimously approved a new investment policy proposed by General Treasurer Seth Magaziner. It’s the first time in its history that the commission has adopted a formal policy on transparency.
The policy requires new investment funds wishing to do business with the state to publish information about their performance, fees, expenses and liquidity. All new fund managers will be required to sign a “transparency pledge,” agreeing to the release of this information.
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Magaziner’s office is currently in the process of reaching out to the state’s existing fund managers to ask them to voluntarily meet these new standards. Magaziner said that the early results have been promising, and he anticipates that most, if not all, of the state’s existing fund managers will agree to the new standards.
