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Providence Pension Reallocates to HF With Lower Fees, Higher Return

Nov 06, 2013
Jing Chen

Rhode Island's Providence Board of Investment Commissioners voted on Tuesday to reallocate its current hedge fund investments to another firm with lower fees and greater rate of return.

Rhode Island news outlet Providence Journal reported that the pension board moved $4.3 million from Connecticut-based Graham Capital Management to New York-based Renaissance Technology.

Providence mayor Angel Taveras said that the transaction will help the pension fund “outperform” its peers and the state.

The article added that Taveras is planning to shift Providence’s pension fund away from hedge funds, as it has decreased its hedge fund investments from 20% of its total assets earlier this year to about the current 13.8%.



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