PROVIDENCE – The state of Rhode Island has launched the Ocean State Investment Pool with Fidelity Investments, General Treasurer Gina M. Raimondo announced Monday.
The new, voluntary program is designed to help the state’s cities and towns improve the investment performance and better manage their liquid assets, which are used for day-to-day operations such as payroll and capital projects.
“In these challenging times, this program will help municipalities improve investment returns by creating economies of scale,” Raimondo, a democrat, said.
“The goal of the program is to provide a competitive cash investment option for government finance professionals, including high quality investments, exceptional customer service and access to innovative account management technology,” she added.
The pool – created under the guidance of the R.I. State Investment Commission – is marketed to municipalities as a “voluntary, safe, liquid, low-cost alternative investment vehicle that should help to improve and grow resources.”
The goals of the pool are to balance capital preservation with competitive returns, while providing strong investment options, according to a news release.