The Wall Street Journal’s editorial board is criticizing Gina Raimondo over a move to drop the most successful hedge fund in the state pension plan. The hedge fund is run by a trustee of a conservative New York think tank criticized by teachers’ unions.
The hedge fund Third Point LLC offered a 25 percent return to Rhode Island’s pension fund over the last year. That’s far better than the 14 percent earned by the pension fund as a whole. Yet the state Investment Commission, which is chaired by Raimondo, voted last week to divest its holdings in Third Point.
The disputes over State General Treasurer Gina Raimondo’s pension investment strategy rages on. The latest salvo comes from Gretchen Morgenson, the respected financial columnist for the New York Times.
Four groups are calling on state Treasurer Gina Raimondo to release more information about hedge fund investments in Rhode Island’s pension plan.
The groups say they’re troubled by how Raimondo’s office, in a recent response to the Providence Journal, heavily redacted some details about the hedge fund investments. The four organizations are Common Cause of Rhode Island, the RI Press Association, and the state chapters of the ACLU and the League of Women Voters.
Democratic candidate for treasurer Ernest Almonte joins the Roundtable to discuss lingering questions about 38 Studios; the state pension fund's stake in hedge funds; and how John Robitaille could remake the GOP field for governor in 2014.
Four groups -- Common Cause of Rhode Island, the Rhode Island Press Association, and the state chapters of the ACLU and the League of Women Voters -- say state Treasurer Gina Raimondo needs to offer more disclosure about the state pension fund's investment in hedge funds.