Mon, May 1, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Providence mayor pours more money into hedge funds than Rhode Island Treasurer

Thursday, May 09, 2013

From Komfie Manalo, Opalesque Asia – Now it can be told. Providence, Rhode Island’s Mayor Angel Taveras invested more money into hedge funds than State of Rhode Island’s General Treasurer Gina Raimondo did, WPRI.com reports.

According to the report, the mayor invested some 19.75% of the small town’s total pension assets in hedge funds. The figure is much higher than the 14.6% of state assets invested by Raimondo into hedge funds under the new investment strategy she launched after taking office in 2011.

Rhode Island is a state in the New England region, on the North-Eastern coast of the United States, and Providence is its capital.

WPRI.com quotes Taveras’ spokesman David Ortiz as saying that the city began to invest hedge funds on the advice of its long-time financial consultant, Boston-based Wainwright Investment Counsel.

In 2012, Providence’s pension portfolios generated an 11.2% profit, lower than the 12.5% recorded by the state’s investment.

Raimondo’s investment strategy into the state’s pension system has been drawing some criticism lately with a Forbes article describing her reforms as "like a Wall St......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Ex-Man manager combines sustainable investing with AI/ML[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Dr. Richard Bateson, quant fund manager and physicist, has recently

  2. Other Voices: "Winner-take-all" dynamics and hedge fund investing[more]

    A growing stream of thinking in microeconomics is the concept of "winner-take-all" dynamics. The idea seems simple. A combination of networking economics and classic economies of scale creates situations where there are just a few dominant firms or economic agents who are able to capture significant

  3. Investing - How Chipotle's comeback attracted big data robots and value investors alike[more]

    From Forbes.com: When William Ackman's ailing hedge fund Pershing Square Capital Management bet $1 billion on shares in Chipotle Mexican Grill beginning in July 2016, the stakes couldn't have been higher. Pershing Square was reeling from what would eventually be a near $4 billion loss in drugmaker V

  4. Gondor Capital sees challenges ahead for financial markets as two hedge funds post strong gains in Q1[more]

    Komfie Manalo, Opalesque Asia: Vincent Au, portfolio manager of New York-based hedge fund firm Gondor Capital Management believes that the remaining of the year would be challenging for the financial markets even as his two hedge funds maintain

  5. Service Providers - Colemore launches fee tracking service for limited partners[more]

    Following Colmore's successful launch in January 2017, the firm has announced the launch of FAIR.. FAIR is designed to help private equity investors independently validate fees and incentives charged by underlying managers, saving time and providing an extra level of comfort. There is a glob