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Chief Investment Officer Ann-Marie Fink Leaving Treasury For Private Sector

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Ann-Marie Fink, who oversees Rhode Island's almost $8 billion pension fund as the state's chief investment officer, is leaving Treasury for a private...

Ann-Marie Fink, who oversees Rhode Island's almost $8 billion pension fund as the state's chief investment officer, is leaving Treasury for a private sector job, RIPR has learned.

Fink was hired during Governor Raimondo's tenure as state treasurer, starting on the job in January 2013. Fink succeeded Kenneth Goodreau, who left for a private sector job with TIG Advisors after four years as the state's top investment officer.

Fink did not respond to a request for comment Monday.

As treasurer, Raimondo backed a move to invest more than $1 billion from the state pension fund in hedge funds. She called this a way to cushion the fund during times of market volatility.

Yet Rhode Island's stake in hedge funds and other alternative investments has come under sharp criticism from Edward "Ted" Siedle.

During a recent interview on RIPR, General Treasurer Seth Magaziner said the pension fund's hedge stake operated as intended during two of three double-digit market drops since 2012. "We're looking very closely at that," he said, noting that Treasury has dropped three hedge funds during his tenure.

In response to questions about whether the expected 7.5 percent rate of return for the pension fund is appropriate, Magaziner said his office plans to conduct an experience study to assess that question.

Magaziner said Rhode Island needs to be conservative since the pension fund pays out about $1 billion in benefits each year, adding that the state's targeted rate of return remains lower than most other states. The pension fund lost money last year for the first time since the fiscal crisis of the Great Recession.

Like Raimondo, Fink is a Yale graduate and she also has an MBA from Columbia Business School. Her salary has climbed during her time working for the state to about $190,000 a year, making her one of the highest-paid state employees.

Fink was a managing director at J.P. Morgan Private Bank in New York before taking the job as Rhode Island's chief investment officer. She was named last year to a list of top chief investment officers with an Ivy League education.

Fink is also the author of a book, "The Moneymakers: How Extraordinary Managers Win in a World Turned Upside Down."

Chief Investment Officer Ann-Marie Fink Leaving Treasury For Private Sector
Chief Investment Officer Ann-Marie Fink Leaving Treasury For Private Sector