Governor Wolf Applauds Treasurer Torsella’s Move to Passive Investment
April 10, 2017
Harrisburg, PA – Today, Treasurer Joe Torsella announced his plan to transition nearly $1 billion in public equity to a passive investment strategy. The move will significantly reduce fees to investment managers, a key goal of Governor Tom Wolf. Treasurer Torsella’s efforts will save an estimated $5 million per year in fees.
“The Commonwealth cannot afford to pay excessive fees to investment managers, and I applaud Treasurer Torsella’s efforts to move toward passive management,” said Gov. Wolf. “Treasurer Torsella’s actions will save money and provide an important blueprint for efforts to cut out investment managers and save Pennsylvania money.”
Earlier this year, Gov. Wolf announced the consolidation and transfer of three investment funds that will help cut millions in tax dollars spent yearly. The consolidation moved the investment management of the State Workers’ Insurance Fund, Workers’ Compensation Security Fund, and Underground Storage Tank Indemnification Fund to the Department of Treasury eliminating private managers and achieving savings of $5.6 million annually.