Fletcher offers Louisiana pensions IOU not cash

Mon Sep 5, 2011




Three Louisiana retirement systems have paid a visit to Fletcher Asset Management, a New York-based hedge fund after being told they would have to wait to be repaid following withdrawal notices.

The $1.1 billion Louisiana Fire-fighters’ Retirement System, the $650 million Louisiana Municipal Employees Retirement System and the New Orleans Fire-fighters Retirement System have taken steps to raise questions about the hedge fund, they said. At the same time, the Securities and Exchange Commission has reportedly opened an inquiry into Fletcher Asset Management. Officials at Fletcher did not respond to requests for comment by press time.

At the end of July, the Louisiana systems sent a team to Fletcher’s offices to review financial statements, records and holdings of the fund the retirement programmes are invested in. The accountants brought in by the Louisiana systems have still to finish their review of the Fletcher fund but have said so far...

ISSN: 2151-1845 / CDC10004H

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