Ken Fisher: No Layoffs Coming to Fisher Investments
Manager has seen $3 billion in withdraws after allegedly sexist remarks.
Ken Fisher – the embattled money manager – has seen outflows of roughly $3 billion. The swell of outflows comes weeks after he made a series of remarks during an investor conference that irked investors due to their sexual nature.
Now, with money exiting, the question is whether he will begin cutting staff. According to a Reuters report, Ken Fisher will make no layoffs at his firm. In a Camas-Washougal Post-Record column written Friday, Fisher said that his firm continues to build assets. He cited demand from foreign investors, high-net-worth families, and retirement funds.
He said that these assets have outpaced the withdrawals from pension groups in Texas and California, or banks like Goldman Sachs.
“The withdrawal of several billion dollars, however, does not reflect a firm, in our instance, that has any sustainability problems,” Fisher said.
Last week, the firm said it had roughly $114 billion in total assets.
Ken Fisher Remarks and Redemptions
The backlash and outflows happened after Fisher spoke at a San Francisco investor conference on October 8. A sample of Fisher’s recorded statements includes:
“I mean the, the most stupid thing you can do, which is what every mutual fund firm in the world always did, was to brag about performance, uh, in, in a direct mail piece, which is a little bit like walking into a bar if you’re a single guy, and you want to get laid and walking up to some girl and saying, ‘Hey, you want to have sex?”
The Employees Retirement System of Texas said last week it would pull $350 million in protest of Fisher’s statements.
Fisher has apologized several times for the lapse in judgement. He reiterated his apology in Friday’s column. Fisher called his statements “clumsy and inappropriate.” He also said: “They will not reoccur again ever in any form.”
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