WPRO News and Associated Press
Treasurer Seth Magaziner says Rhode Island will only invest in funds from now on that allow their performance, fees, expenses and liquidity to be made public.
Magaziner says the public has a right to know where the money is invested and how it’s performing. He says he’s asking the state’s existing fund managers to comply too.
“Every fund manager that wishes to do business with Rhode Island will be required to sign a pledge indicating they understand this new requirement before they will be allowed to handle Rhode Island state investments,” said Magaziner.
The new investment policy is one of several initiatives the Treasurer announced Tuesday to increase transparency.
The treasurer’s website now has a data portal for publications and datasets the office produces. For the first time the office is reporting investment-related fund expenses charged to the state’s pension portfolio.
Magaziner says a commitment to transparency will produce better financial results.
“We’re doing it because the people have a right to know how their funds are being managed,” said Magaziner.”
“I think the more information you have out there, the more accountability you have, the better results you’re ultimately going to have financially.”
