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.

[Recommended video: Financial planning wasn't even a thing 50 years ago]

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.

0
Comments

What do you think?

View comments

Recommended next

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print