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October 25, 2019 at 04:01 PM
Institutional investors continue to redeem assets from Fisher Investments due to lewd remarks made by its founder and chairman.
The latest group to do so is the Employees Retirement System of Texas, which is yanking some $350 million — a move that brings total reported redemptions to more than $3.1 billion, according to Bloomberg.
“With respect to our fiduciary duty, we are defunding Fisher Investments,” the pension group said in a statement shared with the news service on Friday.
Over the past day, the Los Angeles fire and police pension board and and Goldman Sachs moved to drop Fisher as an asset manager. Other groups withdrawing pension assets from the firm include those in New Hampshire, Iowa, Michigan, Boston and Philadelphia.
Before the redemptions, Fisher Investments managed about $114 billion of assets for institutional and retail investors.
Last week, investment consultancy NEPC — which has some 350 clients — recommended that investors with assets being managed by Fisher end the relationship, Bloomberg reported. Citing a letter Fisher wrote to investors as he came under criticism, NEPC said the response “showed a lack of understanding and appropriate contrition for his behavior.”
Overall, Fisher Investments managing close to $11 billion for 36 state and city entities last year, according to a filing with the Securities and Exchange Commission.
