RI pension plan honored with Hedge Fund Industry AwardJuly 9th, 2013 at 1:04 pm by Ted Nesi under Nesi's Notes, On the Main Site
The Employees’ Retirement System of Rhode Island won Small Public Plan of the Year in Institutional Investor magazine’s 11th Annual Hedge Fund Industry Awards, given last month at the Mandarin Oriental in Manhattan. New York City won Large Public Plan of the Year, with $15 billion in assets the dividing line.
The awards “recognized the hedge funds, funds of hedge funds, investment consultants, endowments, foundations, family offices, corporate funds, public funds and sovereign funds that stood out for their performance innovation, achievements and contributions to the industry in the past year,” the magazine said.
As of May 31, Rhode Island’s $7.7-billion pension fund had earned a 16.5% return over one year and a 7.8% return over 10 years. The state beat out Delaware, New Mexico and San Bernardino, Calif., for its award.
“Given the important role alternative investments play in the pension portfolio to reduce risk and generate strong performance for our members, we must continue to push for transparency to build public trust,” Raimondo said in a statement. “Fee structures should be lowered and evolve to better balance risk and reward.”
• Related: Gina Raimondo is this month’s Institutional Investor cover girl (Jan. 9)