Louisiana Pensions Cut Ties With Firm That Pushed Fletcher

Jan 16 2013 | 12:25pm 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

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of