Friday, 22 May 2015
Last updated 3 hours ago
May 23 2013 | 10:39am ET
Facing criticism over its state pension fund's hedge fund portfolio, Rhode Island's general treasurer is opening up about how much the state is paying for them.
Gina Raimondo posted a breakdown of the fees Rhode Island paid to the 20 hedge funds managing $1 billion. All told, the state paid $15.9 million in fees during the fiscal year ended June 30, 2012, or about 1.6% of assets.
The hedge fund portfolio returned 9.36% over the period.
Six hedge funds were paid in excess of $1 million in fees, all of them big industry names. The highest paid is Och-Ziff Capital Management, which received $1.9 million, followed by D.E. Shaw Group at $1.81 million and Viking Global Equities at $1.576 million. Och-Ziff is among Rhode Island's largest hedge fund managers, having received an initial commitment of $75 million in November 2011; only Brevan Howard Asset Management received as much, and it was paid $1.078 million in fees.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…