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Individual investors pulled $20 million from Fisher Investments after billionaire’s sexist comments

Individual investors pulled $20 million from Fisher Investments after billionaire’s sexist comments

Finance
Kenneth Fisher, founder of Fisher Investments.Jonathan Fickies | Bloomberg | Getty ImagesIndividual investors at Fisher Investments transferred $ 20 million from the firm the week after the billionaire made lewd comments at a conference, according to a research note from Mercer, an advisor to institutional investors.The development was disclosed on a conference call Fisher executives held on Oct. 14 with Mercer, to discuss the fallout from founder Ken Fisher's comments at the Tiburon CEO Summit, according to the note obtained by CNBC.When speaking at the conference on Oct. 8, Fisher had likened winning new clients to picking up women at a bar. He had used similar language at another conference in 2018.Though the billionaire apologized, institutional investors — including seven government p
Fisher withdrawals top $3 billion as Texas retirement plan exits

Fisher withdrawals top $3 billion as Texas retirement plan exits

Finance
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.Gillianne Tedder | Bloomberg | Getty ImagesThe Employees Retirement System of Texas announced on Friday that it would end its relationship with Fisher Investments, yanking $ 350 million from the asset manager."Texas ERS has completed its due diligence," said Mary Jane Wardlow, a spokeswoman for the pension system."With respect to our fiduciary duty, we are defunding Fisher Investments, which had served as an external manager in the international equities portfolio with $ 350 million [as of Sept. 30] under management," she wrote in an email to CNBC.The funds will be redistributed within the equities pool of the ERS trust, she said.In all,...
Fisher Investments outflows surpass $2.5 billion as Los Angeles pension departs

Fisher Investments outflows surpass $2.5 billion as Los Angeles pension departs

Finance
The Los Angeles Fire and Police Pension System voted on Thursday to fire Fisher Investments, pulling about $ 522 million from the money manager.The nine-member board of commissioners voted in favor of terminating the relationship with the Camas, Washington-based firm, following lewd comments Ken Fisher had made at an investment conference on Oct. 8.The Los Angeles pension has $ 24 billion in total assets.The board of commissioners said they had invited Fisher himself to speak at the meeting, which was webcast live, but he did not attend."The only explanation is that Mr. Fisher was unable to attend and had business in the office," Ray Ciranna, general manager of the Los Angeles Fire and Police Pension System, wrote in an email to CNBC.In total, Fisher Investments has lost more than $ 2.5 bi...
Fisher Investments losses hit $1.8 billion as Fidelity ends $500 million relationship

Fisher Investments losses hit $1.8 billion as Fidelity ends $500 million relationship

Finance
Ken FisherCrystal Mercedes | CNBCFidelity has terminated a $ 500 million relationship with Fisher Investments, bringing the total yanked from the money manager to almost $ 1.8 billion.Officials at the giant Boston-based asset manager confirmed it would end its relationship with Fisher on Monday, in light of inappropriate comments founder Ken Fisher made at an investment conference on Oct. 8.Fisher managed $ 500 million in assets for Fidelity's Strategic Advisers Small-Mid Cap Fund."Fisher Investments does not provide investment advisory services for any portion of the assets of Strategic Advisers Small-Mid Cap Fund," said Vin Loporchio, a spokesman for Fidelity. "Assets previously managed by Fisher Investments have been reallocated within the fund."While government-run pension funds make u...
Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Ken Fisher fallout: Which pension plans have pulled out and which have stayed

Finance
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010.Gillianne Tedder | Bloomberg | Getty ImagesIt remains to be seen how long other clients will stick with billionaire money manager Ken Fisher in the wake of off-color and sexist comments he recently made at an investing conference.The Iowa Public Employees Retirement System on Friday notified the firm it would end its contract. Fisher Investments oversees $ 386 million of the IPERS $ 34 billion trust fund.More than $ 1.2 billion public pension assets have left Camas, Washington-based Fisher Investments so far, including the Boston Retirement System with $ 248 million in assets and $ 600 million the State of Michigan says it's withdrawing....