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
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