PROVIDENCE, R.I. (AP) - Rhode Island’s public pension fund ended the just completed fiscal year with nearly $8.5 billion in assets under managament despite the challenges posed by the coronavirus pandemic, according to the office of state General Treasurer Seth Magaziner.
That amount was a higher value than any previous fiscal year close in state history, the office said in a statement this week.
The Rhode Island pension system outperformed 95% of U.S. pension plans in the first quarter of 2020 amid the COVID-19 market crisis, according to Investment Metrics, the leading source of investment performance analytics for institutional investors, the treasurer’s office said.
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The performance was largely due to the implementation of a Crisis Protection Class which earned 15.1% in the first quarter of 2020.
Due to this strong performance, the fund quickly recovered from the market challenges experienced in the first quarter of 2020, returning 8.3% in April, May and June.
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