The losses are piling up for Ken Fisher.
The Fisher Investments CIO is well on his way to losing control of $1 billion — or more — in assets after multiple funds are coming reviewing their relationship with the money manager after his lewd comments during an industry conference last week.
“Boston will not invest in companies led by people who treat women like commodities.”
Boston’s retirement board announced it will cut ties with Fisher Investments on Wednesday, which managed around $253 million in pensions for the city, according to Reuters. Fisher’s comments showed “a profound lack of judgement,” Boston Mayor Marty Walsh said in a statement that led to the vote, which was unanimous.
“Boston will not invest in companies led by people who treat women like commodities,” he continued. “Reports of Ken Fisher’s comments and poor judgment are incredibly disturbing.”
The Los Angeles pensions system for police and firefighters also announced it is considering action concerning Fisher, whose firm manages $500 million in retirement funds.
Los Angeles system General Manager Ray Ciranna sent an email stating: “As with other pension funds, we are very concerned with the inappropriate comments made by Mr. Fisher.”
All told, Fisher Investments has lost control of $900 million in funds when combining the confirmed withdrawals by Michigan ($600 million), Philadelphia ($54 million) and now Boston ($254 million).
Fidelity Investments, also based in Boston, has announced it is reviewing its ties to Fisher Investments, as well. It would be another massive blow to the firm that manages $500 million in funds for Fidelity.
The backlash started after Alex Chalekian, CEO of Lake Avenue Financial, posted a video on Twitter on Oct. 9 calling out Fisher for statements made during a conference. He said the money manager’s lewd remarks compared gaining a client’s trust to soliciting girls at a bar and “getting in a girl’s pants,” and he also made references to genitalia and even the scorned financier Jeffrey Epstein.
Fisher has since apologized for the comments, but some question the sincerity of the apology because he mentioned he had “given a lot of talks a lot of times in a lot of places and said stuff like this, and never gotten that type of response.”