PROVIDENCE, R.I. (AP) - Rhode Island’s General Treasurer is making changes to the state’s pension system to scale back investments in hedge funds.
The Providence Journal reports (https://bit.ly/2ef9WBB ) the pension’s $7.7 billion portfolio currently includes investments in 18 separate hedge funds that officials say have underperformed as a group.
General Treasurer Seth Magaziner announced last month that he planned to divest from more than half of the state’s interests in hedge funds.
Officials identified $585 million worth of assets in seven hedge funds that will be dumped as part of Rhode Island’s strategic move to distance itself from hedge fund investments.
Magaziner says he expects to recoup the majority of the $585 million by July 2017.
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Information from: The Providence Journal, https://www.providencejournal.com
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