Ken Fisher’s charged for a speech at a San Francisco conference earlier this month has cost the money manager another prominent investor.
On Monday, Fidelity ended its relationship with Fisher Investments, saying it has decided to reallocate assets within its Strategic Advisers Small-Mid Cap Fund that have been previously run by Fisher.
Fisher Investments didn’t immediately reply to the news channel request for comment.
Fidelity became a minimum of the third prominent investor to pull its money from Fisher, who manages $112 billion. Last week, the Michigan Treasury Department withdrew $600 million of the state’s pension fund from Fisher Investments due to the money manager’s “completely unacceptable comments.” Four days later, the Iowa Public Employees Retirement System withdrew $386 million.
Fisher was speaking in the last week at a Tiburon Strategic Advisers event, compared wooing money-management clients with “attempting to get into a girl’s pants.” Tiburon additionally cut ties with Fisher for life.
After first expressing dismay over the criticism he obtained for making the comments, Fisher apologized for the sexual innuendos.
“A few of the words and statements I used throughout a recent conference to make sure points have been mistaken, and I should not have made them,” he mentioned in a statement to the news channel. “I realize this type of language has no place in our company or industry.”