Saturday, 23 August 2014
Last updated 22 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note