Goldman Sachs and the Los Angeles fire and police pension board have decided to redeem assets managed by Fisher Investments, about two weeks after the firm’s chairman made lewd remarks at an industry event.
With the exit of Goldman’s $234 million and the L.A. pension group’s $511 million, the total figure for assets withdrawn from the firm is now about $2.7 billion, according to figures compiled by Bloomberg.
Before the redemptions, Fisher Investments managed about $114 billion. Other pension systems that have pulled assets from Fisher Investments include those in Iowa, Michigan, Boston and Philadelphia.
Overall, Fisher Investments managed close to $11 billion for 36 state and city entities last year, according to a filing with the Securities and Exchange Commission.
“Fisher’s words reach millions and only do damage,” Los Angeles pension commissioner Brian Pendleton said at a board meeting Thursday, Bloomberg reported. “Other pension funds are going to come to the same conclusion and we shouldn’t be the last ones to turn the lights off.”