Since Aldus Equity and its founder, Saul Meyer, was accused of paying kickbacks for private equity commitments last week, the firm has vehemently attacked the accusations, calling the SEC’s actions wrong, careless, and “an ambush lawsuit.”
But the actions of Aldus Equity’s clients have spoken louder than the firm’s words. In the last week, four of the firm’s clients have severed their advisory relationships with Aldus Equity. Four more have announced they were in the process of evaluating such a move. Of Aldus Equity’s publicly disclosed clients, only one, San Antonio Firemen’s & Policemen’s Fund, has not made an announcement regarding its relationship with the firm.
Here’s the breakdown of which pension funds have taken which action to date:
Dropped from Consideration for advisory role:
Not Yet Dropped:
Regarding the State of Connecticut’s decision to fire Aldus Equity yesterday, the firm’s attorney Matthew Orwig issued a statement: “Understandably, clients are concerned, but the charges in the government’s public statements and filings are baseless.”