Skip to footer

Retirement funds in Kentucky lose big with hedge fund failure

Retirement funds for Kentucky state and local workers see $100 million loss after hedge fund fails. Official expects to recoup the retirement funds lost.

|
Gary Emord-Netzley/The Messenger-Inquirer/AP
As Daviess County Schools maintenance worker Gayle Ray, right, cuts juniper trees along the south end of the soccer field at Apollo High School, fellow DCPS worker J.D. Beard hauls them away and puts them into piles Wednesday morning in Owensboro, Ky. Kentucky state and local employees have $100 million invested in a Connecticut hedge fund that failed.
  • By Associated Press

| FRANKFORT, Ky.

A Connecticut-based hedge fund that included $100 million in investments by the Kentucky Retirement Systems has failed and will shut down.

T.J. Carlson is chief investment officer for the Kentucky Retirement Systems. Carlson told the Lexington Herald-Leader that Arrowhawk Capital Partners of Darien, Conn., couldn't raise enough money from investors to succeed (http://bit.ly/wCj1l2 ).

Carlson said on Thursday that the retirement system expects to get its $100 million back as Arrowhawk carefully unwinds its portfolio. The system oversees $13 billion in retirement funds for state and local government employees.

Arrowhawk did not return a call seeking comment.

The decision to invest in Arrowhawk came under scrutiny in June when state Auditor Crit Luallen linked the fund to a middleman who received about $6 million in fees for arranging the investments.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.
editor@csmonitor.com
Subscribe
Mark Sappenfield
Editor

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

Subscribe to insightful journalism

QR Code to Retirement funds in Kentucky lose big with hedge fund failure
Read this article in
https://www.csmonitor.com/Business/Latest-News-Wires/2012/0108/Retirement-funds-in-Kentucky-lose-big-with-hedge-fund-failure
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe