Fidelity Investments is yanking $500 million from Ken Fisher’s investment firm in the wake of his lewd remarks at an industry event, according to Bloomberg report citing sources familiar with the matter.
This move brings the total of assets being divested from Fisher’s firm to about $1.8 billion. Overall, Fisher Investments manages some $114 billion, Fisher, who is the firm’s chairman, said in a recent interview; its latest regulatory filing from May lists assets of $94 billion.
Other groups withdrawing funds recently from Fisher include pensions in Iowa, Michigan, Boston and Philadelphia.
Fisher had served as a subadvisor on $500 million of the $8 billion Fidelity Small-Mid Cap Fund. (Fidelity declined to share a comment with Bloomberg on today’s decision.)
Fisher made the crude comments at a fireside chat at the Tiburon CEO Summit on Oct. 8. The following day, attendee and advisor Alex Chalekian posted a video on Twitter criticizing the remarks; it has more than 150,000 views.
Afterward, Fisher questioned the negative attention his comments were receiving, before apologizing. He has been barred from future events organized by Tiburon Strategic Advisors.
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