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Louisiana pension funds cut ties with consultant after hedge fund investment hits snags

NOLA – All five Louisiana retirement systems that have relied on the controversial Memphis-based investment firm Consulting Services Group have taken recent steps to distance themselves from the firm, with two selecting new outfits and the others in various stages of seeking new advisers, according to public records and pension officials.

For more than a year, state officials and other observers have called for more intense scrutiny of how public pension boards manage their investments. But it took a bad bet on an unconventional investment — pushed by CSG, which has come under fire from federal regulators in the past — for that effort to gain much traction.

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