Among other things, he alleged defamation and unlawful discrimination. In February 2011, Fletcher filed a lawsuit against the Board of Directors of The Dakota co-op building in Manhattan, where he had lived since 1992 and owned four apartments. In a NYSE arbitration, Fletcher was awarded $1.26 million, and in a subsequent arbitration, the racial discrimination claim was dismissed. The New York Court of Appeals ruled that Fletcher's claim must be arbitrated. In 1991, after working as an equity trader at Kidder Peabody, Fletcher filed a lawsuit in New York state court for employment racial discrimination. In June 2012, Fletcher International Ltd., the Bermuda-based "master fund" for the Fletcher funds, filed for Chapter 11 bankruptcy in Manhattan. In April 2012, the Grand Court of the Cayman Islands ruled that the fund was insolvent and ordered that it be wound up (liquidated). In July 2011, FIA Leveraged Fund, an investment vehicle managed by Fletcher Asset Management, was unable to meet a redemption request, totaling $144 million, by three Louisiana pension fund investors. In 1994, Fletcher surrendered his broker-dealer registration and became a registered investment adviser, which made managing money more convenient. At one time, his firm's trading activity occasionally accounted for 5% of the volume on the New York Stock Exchange. He used hedges with both types of investments. His general strategy was trading public instruments for his own account and on behalf of clients, but he also made longer-term equity investments. He was recruited to Kidder Peabody as a trader in the equity trading group.Īfter his tenure at Kidder Peabody, he founded Fletcher Asset Management, which makes private investments in small-capitalization public companies.ĭuring Fletcher Asset Management's first four years, it traded with heavy leverage. After graduating from Harvard College in 1987, Fletcher began his career at Bear Stearns as a quantitative equity trader who capitalized on dividend-related arbitrage.
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