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HARRISBURG, Pa. (AP) — Pennsylvania's elected treasurer says about $1 billion that's been actively managed is about go into a passive investment strategy designed to save millions in annual fees. Treasurer Joe Torsella on Monday announced a new policy that, over the next six months, will change how the state funds are invested. He says the new policy will save about $5 million in fees annually and reduce investment risk. Torsella says there's research that indicates most active portfolio managers aren't able to generate sufficient returns to make their fees worth their cost. The change means the money will be invested in ways that mimic broad sectors of the market, rather than trying to pick investments that will do better than the average. Torsella is a Democrat who took office in January.

Treasurer says he's moving $1 billion to passive investments