Sat, Jun 24, 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. FinTech - Rise of robots: Inside the world's fastest growing hedge funds[more]

    From Bloomberg.com: Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc. In some ways, their meteoric rise is due to the same technolog

  2. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  3. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is

  4. FinTech - AI hedge fund Numerai now live on Ethereum, Cryptocurrency hedge funds generate huge returns as bitcoin surges[more]

    AI hedge fund Numerai now live on Ethereum From Cryptoninjas.net: Back in February, Numerai announced numeraire (NMR), a cryptographic token to incentivize a new kind of hedge fund built by a network of data scientists. Earlier today, the Numeraire smart contract was officially deployed

  5. Investing - Advisors slash hedge fund positions, Theravance Biopharma is a top pick of investment guru Seth Klarman, As asset management industry grows a search for new revenue streams[more]

    Advisors slash hedge fund positions From Barrons.com: Financial advisors have cut wealthy clients' exposure to hedge funds by up to one third over the past 12 months, The Financial Times reports. Advisor firms in the FT's annual top-300 ranking have reduced their hedge fund allocation to