Former Employer of Treasurer’s Chief of Staff Wins

This will probably get lost since it was passed the day before Thanksgiving.  But it does not look right when Fidelity Investments who  used to employ Joseph Pratt, Treasurer Raimondo’s Chief of Staff, is selected as the vendor for the Ocean State Investment Pool.  The State Investment Commission, chaired by Treasurer Raimondo, named Fidelity the vendor today.  Here is the PBN coverage:

PROVIDENCE – 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…

“In these challenging times, the Ocean State Investment Pool will help local government leaders across the state invest their cash and other liquid assets,” said General Treasurer Gina M. Raimondo, who chairs the State Investment Commission.

“This program will allow Treasury to extend its expertise to municipalities and improve investment returns by creating economies of scale,” she said.

The OSIP is slated to launch in the first quarter of 2012…

Conflict of Interest?  Maybe, Maybe not…  Let’s hope the awarding of the 401K vendor contracts under the new pension reform law remain conflict of interest free.