Report: La. pension funds want N.Y. investment firm to return their money

Three Louisiana public pension funds are asking a New York hedge fund to return all the money it gave them to invest, an amount estimated to be at least $143 million. The Wall Street Journal says the The Firefighters’ Retirement System of Louisiana, Municipal Employees’ Retirement System of Louisiana, and the New Orleans Firefighters’ Pension and Relief Fund asked Fletcher Asset Management to return their money. The move comes after two of the funds asked for about $32 million back in March; but instead of getting the cash, Fletcher sent them promissory notes, promising a return in two years. Alphonse Fletcher Jr., a flashy Wall Street trader who started the investment firm, promised the pension funds returns of 12% a year. The Journal has been investigating Fletcher and his unusual practices, such as his claims of never losing money in the market. The pension funds have asked to look at Fletcher’s books because of concerns about liquidity. Read the full story here.