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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 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...
Fisher Investments pension losses hit $1.3 billion as Iowa yanks $386 million

Fisher Investments pension losses hit $1.3 billion as Iowa yanks $386 million

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 Iowa Public Employees Retirement System is terminating its relationship with Fisher Investments, pulling $ 386 million from the asset manager.The Iowa plan, which holds $ 34 billion in total assets, announced its move on Friday and attributed its decision to sexist comments Ken Fisher, the billionaire founder of the firm, made at an investment conference last week.The losses in pension assets for Fisher Investments is now about $ 1.3 billion."IPERS staff has taken time to evaluate this situation, and it is our opinion that Mr. Fisher's comments have damaged the credibility of the firm and it...
Workers want those hard-to-find socially responsible investments in their 401(k) plans: Survey

Workers want those hard-to-find socially responsible investments in their 401(k) plans: Survey

Finance
If you're looking in your 401(k) plan for investments that back clean energy or gender and racial diversity, you may have a tough time finding them. A recent survey from Natixis Investment Managers finds that many workers would be more likely to save for retirement if their employer-sponsored retirement plan offered socially conscious investments. Of the 1,000 workers surveyed, 61% of employees said they would start saving or increase their investments if that also meant doing social good. Millennials, 66%, were even more likely to agree with that statement. ...