PROVIDENCE, R.I. -- General Treasurer Gina Raimondo's push to move more state pension investments into hedge funds has raised questions over the fees such funds charge.
Raimondo's office says it's worth paying higher fees because hedge funds can help protect the pension fund from risks.
Critics contend hedge funds are a bad choice because of the fees and the risky investments they sometimes make.
Frank Caprio, who served one term as treasurer and is seeking his old job back, raised the issue on WJAR-TV's "10 News Conference."
Caprio said that, under his administration, a national study showed that Rhode Island paid "some of the lowest fees in the country."
Under Raimondo, he said, "the fees have gone up from about $12 million annually to about $50 million."
PolitiFact Rhode Island examined his claim and ruled it Half True. Read the complete analysis here.