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Consultancy's Exits Ripple Through Pension Funds

Date: Monday, December 21, 2009
Author: WSJ Online.com

Turnover at one investment-consulting firm is raising concern among some pension funds that look to outside advisers for guidance on choosing hedge funds.

In the past two weeks, Aksia LLC, of New York, has lost one of its founding partners and two other advisory consultants who manage accounts with U.S. pension-fund clients, said people close to the matter. The biggest include funds in New York, Ohio, Texas, Pennsylvania and Indiana.

The top adviser leaving Aksia is Jake Walthour, 41 years old, a co-founder of the firm and its senior consultant to the New York State Common Retirement Fund.