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.