Tuesday, 21 October 2014
Last updated 5 min ago
Apr 1 2014 | 12:13pm ET
The pension fund for employees of the Boston area’s mass transit system has sued the manager of a bankrupt hedge fund it invested with.
The Massachusetts Bay Transportation Authority Retirement Fund alleges that Fletcher Asset Management and founder Alphonse Fletcher defrauded it of more than $50 million. The pension, which said it lost $25 million with Fletcher, accused the New York-based firm of inflating asset values and management fees, among other misdeeds.
With the lawsuit, the MBTARF joins three Louisiana pensions in seeking recompense from Fletcher in court. The court-appointed trustee overseeing one of the firm’s hedge funds has said that Fletcher resembles a Ponzi scheme.
The MBTA pension had already sued Fletcher’s auditors and its valuation firm.
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 ...