Monday, 22 September 2014
Last updated 1 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.
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