Goldman joins retreat from Fisher's firm

Goldman joins retreat from Fisher's firm
Bank says it will drop Fisher Asset Management as an underlying manager of a Goldman global equity fund.
OCT 25, 2019
By  Bloomberg
Goldman Sachs Group Inc. is joining the exodus from Ken Fisher's firm. The Wall Street bank said Friday in a regulatory filing that it will be dropping Fisher Asset Management as the underlying manager of Goldman Sachs Multi-Manager Global Equity Fund. Goldman Sachs has pulled $234 million from Fisher Investments, according to a person familiar with the matter, though the figure may grow. A spokesman for Goldman declined to comment. The move brings the total reported withdrawals from Fisher to more than $2.7 billion in the two weeks since Mr. Fisher made vulgar comments at an industry conference. Thursday, the Los Angeles fire and police pension board voted to yank about $500 million after a contentious meeting with representatives of the firm. [Recommended video: Protecting against the insider cybersecurity threat]​ Mr. Fisher is suffering an intensifying backlash from his remarks on Oct. 8 in which he spoke about genitalia and then failed to immediately understand the gravity of his words. He later apologized. In the ensuing days, pension funds in New Hampshire, Iowa, Michigan,Boston and Philadelphia decided to cut ties with his firm. Fisher, which manages $114 billion, is also facing scrutiny from several other pensions. Fisher Investments was managing about $10.9 billion on behalf of 36 state or municipal government entities, including pension plans, at the end of 2018, according to the firm's Securities and Exchange Commission registration. That figure is down from $13.2 billion at the end of 2017.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.