Louisiana Pensions Cut Ties With Firm That Pushed Fletcher

Jan 16 2013 | 11:25am ET

Five Louisiana public pension funds have fired or appear set to fire the consultant that suggested they invest with Fletcher Asset Management.

Three of the pensions invested $100 million with Fletcher in 2008. But Fletcher's International Fund filed for bankruptcy after the pensions succeeded in imposing liquidation on it in the Cayman Islands, a move they took after months of talks following Fletcher's filling their July 2011 redemption request with promissory notes.

The Fletcher investment was championed by Memphis, Tenn.-based Consulting Services Group. One of the three pensions to invest with Fletcher has already dumped CSG in favor of New England Pension Consultants, and a smaller Louisiana plan that did not invest with Fletcher has also replaced CSG. Three other state pensions are set to decide CSG's fate in the coming weeks, the New Orleans Times-Picayune reports.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.