WILMINGTON, Del. (AP) - Delaware's state treasurer has suffered a setback in his battle with a state panel over who controls Delaware's $2 billion cash management portfolio.
The attorney general's office ruled Tuesday that the Cash Management Policy Board has sole legal authority to make investment decisions regarding the portfolio, and that the treasurer is subject to its directives.
The attorney general's opinion also says the board's authority extends to decisions regarding asset allocation between short-term and intermediate-term investments, as well as allocations among different fund managers.
State treasurer Chip Flowers has argued that the board, which includes several appointees of the governor, should not have a unilateral say on investment decisions.
The board asked the attorney general's office for an opinion last week after repeated clashes with Flowers over management of the portfolio.