‚ÄėIN these challenging times, the Ocean State Investment Pool will help local government leaders across the state invest their cash and other liquid assets,‚Äô said General Treasurer Gina M. Raimondo, who chairs the State Investment Commission.
PROVIDENCE ‚Äď Fidelity Investments was selected Wednesday as the vendor of the Ocean State Investment Pool, an initiative passed in the General Assembly in June to help state and municipalities improve their liquid asset investments.
Fidelity was chosen by the State Investment Commission in a 7 to 0 vote with one abstention.
‚ÄúIn these challenging times, the Ocean State Investment Pool will help local government leaders across the state invest their cash and other liquid assets,‚ÄĚ said General Treasurer Gina M. Raimondo, who chairs the State Investment Commission.
‚ÄúThis program will allow Treasury to extend its expertise to municipalities and improve investment returns by creating economies of scale,‚ÄĚ she said.
The OSIP is slated to launch in the first quarter of 2012.
The Treasury estimates that there are more than $500 million in funds that could be appropriately invested in the voluntary OSIP. It also estimated that 44 of 50 states operate in some form of a local government investment pool.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.