The Boston Pension Board is yanking $248 million from Fisher Investments, about a week after Chairman Ken Fisher made crude remarks at an industry event, according to a report.
“Boston will not invest in companies led by people who treat women like commodities,” Mayor Martin Walsh said in a statement Wednesday shared with Bloomberg. “Reports of Ken Fisher’s comments and poor judgment are incredibly disturbing.”
The move brings the total to $902 million in redemptions since Fisher made lewd comments at the Tiburon CEO Summit on Oct. 8. The firm’s total asset level is roughly $114 billion.
The news comes a few days after after Michigan’s pension fund said it would pull $600 million in assets from Fisher Investments and the Philadelphia Board of Pensions decided to divest $54 million to “protect the assets of the fund from the consequences of Mr. Fisher’s inappropriate comments.”
On Tuesday, Fidelity Investments said: “We do not tolerate these types of comments at our company and Fidelity Strategic Advisers is reviewing this relationship,” Bloomberg reported. Fidelity Strategic Advisers oversees managed accounts and lists Fisher as a $500 million sub-advisor for its $8 billion Small-Mid Cap Fund.
Florida’s pension fund is also looking into its relationship with Fisher Investments.