Monday, 29 December 2014
Last updated 10 hours ago
Jun 5 2014 | 10:29am ET
A northern Kentucky city is not happy about the state pension fund’s investments in hedge funds, private equity and other “illegal and imprudent investments.” And it’s going to court to stop it.
Fort Wright, a city of about 5,700, argues that the Kentucky Retirement System is legally bound to invest the County Employees Retirement System safely, sticking to stocks and bonds. Instead, Fort Wright alleges, it has poured money into alternative investments that have run up $50 million in fees with little to show for it.
Worse still, according to the city, KRS doesn’t even stick with established managers, investing in “start-up funds with virtually no track record.”
The city wants the Kenton Circuit Court to order that its money be kept out of alternatives, and that it receive its $50 million in fees back. The suit seeks class-action status, raising the possibility that KRS will be forced to fight more than just a small Cincinnati suburb. Fort Wright is actively seeking to recruit Louisville, Kentucky’s largest city.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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.