Hombre de Providence sentenciado a 32 años en prisión estatal por asesinato en 2017
R.I. withdraws $340 million from hedge funds as implementation of ‘Back to Basics’ continues
PROVIDENCE, RI – Rhode Island’s pension system has hit a milestone in its move away
from hedge funds, recouping more than $340 million to date General Treasurer Seth
Magaziner announced today.
«We are moving away from the high-cost hedge funds that have failed to meet
while charging unacceptably high fees,» said Treasurer Seth Magaziner. «Our new
Back to Basics strategy will improve performance and reduce risk, providing a more
secure future for Rhode Island public employees and all taxpayers.»
Exiting underperforming hedge funds is a component of Magaziner’s ‘Back to Basics’
investment strategy, unveiled last year after an intensive review process involving
some of the state’s leading investment experts. Additional hedge fund redemptions
are expected in the coming months, as implementation of ‘Back to Basics’ continues.
Performance has been strong for the pension system in recent months. As of March
31, the $7.9 billion pension fund has achieved a one-year return of 10.81%, beating
its own benchmark of 9.96% and a 60% stock/40% bonds portfolio which would have