Tuesday, 21 October 2014
Last updated 50 min ago
Sep 19 2011 | 4:38am ET
Three Louisiana pension funds worried about their investments with hedge fund Fletcher Asset Management have been assuaged.
The three pensions launched a probe into Fletcher in July, after Fletcher paid out $32 million in redemptions with promissory notes. That investigation is now complete, and the pensions say “the assets and their valuations have now been corroborated.”
The Municipal Employees’ Retirement System of Louisiana, Firefighters’ Retirement System of Louisiana and New Orleans Firefighters’ Retirement System, which between them invested $100 million in Fletcher in 2008, met with an Ernst & Young auditor who reviewed the hedge fund’s books on their behalf. And that review showed that there are enough assets to cover that $100 million, as well as some of the $40 million in returns it has earned.
The pensions filed redemptions for the full $140 million after receiving the promissory notes. It said it will seek “to resolve a few remaining issues, including the systems’ redemption requests,” with Fletcher.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...