Statement: Mike Riley (Board member) re. Pension Portfolio Controversy

FOR IMMEDIATE RELEASE  October 21, 2013 

Statement from Mike Riley, board member for the Rhode Island Center for Freedom and Prosperity:

“While questions about corruption and mismanagement of state public employee pension fund portfolios continue to swirl, our Center is concerned about the larger public policy implications.

First, whether or not hedge fund and other alternative investments are a legitimate allocation tool to protect taxpayers and retirees against devastating economic downturns like we saw in 2008: If the answer is yes, it is important that the negative political climate on this topic does not dissuade state and local finance officials from pursuing this course in an open and transparent way.

Second, whether or not this controversy will undermine the positive pension reforms taken by our state in 2011. Rhode Island must continue to move forward with pension reform, not backward.”

Mike Riley is an experienced hedge fund manager and Director of the RI Association of Hedge Fund Managers. He has served on the Center’s board since February of 2013.

The Rhode Island Center for Freedom and Prosperity, a nonpartisan public policy think tank, is the state’s leading free-enterprise advocacy organization. The Center works to make a profound, positive impact on the lives of every family and business in the state through the exchange of market-based ideas and reform solutions aimed at restoring economic competitiveness, educational opportunities and – ultimately – hope for a brighter future.