Fisher client exodus nears $1 billion in backlash over remarks

The Boston Pension Board said Wednesday it is yanking $248 million that is managed by Fisher Investments

Oct 16, 2019 @ 5:21 pm

By Bloomberg News

Ken Fisher is taking a financial hit for his vulgar remarks.

Boston joined two other pensions in yanking money from Fisher Investments, bringing the total to more than $900 million.

"Boston will not invest in companies led by people who treat women like commodities," Mayor Martin Walsh said in a statement Wednesday. "Reports of Ken Fisher's comments and poor judgment are incredibly disturbing."

Fisher Investments is seeing a growing backlash since the firm's founder made offensive comments about women, spoke of genitalia and then failed to immediately understand the gravity of his words.

The firm, which manages $112 billion, is also facing scrutiny from several other pension funds which are examining their business with Mr. Fisher.

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The Boston Pension Board will pull $248 million. The State of Michigan Retirement Fund's pension account ended its relationship with Fisher Investments, which managed $600 million for the state. The Philadelphia Board of Pensions also plans to divest $54 million in assets from Fisher.

Organizations that have said they are reviewing their relationship with Fisher Investments include Fidelity Investments, which has $500 million with the firm; the Florida Board of Administration, which has $175 million; and the Haverhill, Mass., Retirement Board, which has $13 million.

Mr. Fisher made his comments during an appearance at the Tiburon CEO Summit, sparking the ire of those in attendance. He has apologized, as did the organizer of the event.


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