Seth Magaziner

Treasurer

Statewide, RI

Seth Magaziner was elected to the office of Rhode Island General Treasurer in November of 2014, and is committed to bringing a steady hand to the state's finances. As Treasurer, Magaziner will focus on using the office to promote economic growth and retirement security for all Rhode Islanders.

Prior to his election as General Treasurer, Magaziner was a Vice President at Trillium Asset Management, a socially responsible investment firm, where he oversaw the firm's investment strategy for the energy, banking and diversified financials industries. Previously, he worked as a school teacher in rural Louisiana during the aftermath of Hurricane Katrina. Treasurer Magaziner was born in Bristol, Rhode Island, and is a graduate of Brown University and the Yale School of Management.

Pro-Growth Progressive Ideas Shared

Problem

Too often, public pension investments are opaque and confusing to the public. A review of public pension websites nationally reveals that it is often very difficult for the public to access basic information on how pension investments are performing, which fund managers public funds are invested in, and what fees and expenses are being paid out of the system. Sometimes such disclosure is prohibited by the contracts between pension systems and the fund managers they employ. The public has a right to know how their funds are being managed, and stronger scrutiny of public investments will fuel an informed public dialogue on how performance can be improved. 

Solution

Rhode Island Treasurer Seth Magaziner launched the “Transparent Treasury” initiative, combining tough new disclosure standards for fund managers with a new online portal, making key investment information easy for all to access. Transparent Treasury is a commitment to publicly disclose investment allocations, performance, fees and expenses in aggregate and individually for every fund manager that the state pension system invests in. Going forward, Rhode Island will only invest with fund managers that agree to publicly disclose performance quarterly, and fees and expenses annually.