WPRI – General Treasurer Gina Raimondo is keeping for now the California financial adviser that helps her office pick hedge funds for the state’s investment portfolio, despite a recent decision by the Massachusetts pension board to cut ties with the same company.
Both Rhode Island’s State Investment Commission (SIC) and the Massachusetts Pension Reserves Investment Management Board (PRIM) voted early in 2011 to award consulting contracts to Cliffwater LLC, a Marina del Rey, Calif.-based financial firm, to help them pick hedge funds as pension investments.
