West Virginia Treasurer Riley Moore on Wednesday announced that the state would move to exclude Chinese firms from a portfolio of state funds in light of the increasingly adversarial relationship between Washington and Beijing.
“We have a fiduciary duty to act in the best financial interests of SMART529 plan participants, and we believe excluding Chinese emerging market investments from our Select Plan portfolio will help maximize returns while reducing exposure to the potential regulatory and geopolitical risks that come with investing in companies based in China,” Moore said in a statement.
The SMART529 plan is the state’s college savings plan fund that collectively includes $667 million, including $40 million in an emerging markets portfolio that has invested in companies either controlled or linked to China. Moore had proposed removing Chinese-linked firms from the portfolio, a plan the Board of Trustees accepted.
“I’m grateful to the Board members for carefully considering this recommendation […]
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