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.