When noted wealth manager Ken Fisher faced criticism for off-color comments at a financial services conference, he initially brushed off the backlash. As the furor grew, he apologized.
But now it’s starting to hit home. On Wednesday, the City of Boston pulled about $248 million in pension funds from Fisher Investments.
Earlier: Wealth manager Ken Fisher apologizes after backlash for off-color comments
Previously, Michigan’s state pension fund pulled about $600 million, and Philadelphia divested about $54 million. The exodus may not be over. Reuters reported that the city of Los Angeles was also re-considering its relationship with Fisher.
“As with other pension funds, we are very concerned with the inappropriate comments made by Mr. Fisher,” the system’s manager told.
Reuters previously reported that Fidelity Investments, which called Fisher’s comments “highly inappropriate,” is reviewing its relationship with the money manager’s firm.
“The views he expressed do not align in any way with our company’s values,” Fidelity spokesman Vincent Loporchio told the news service. “We do not tolerate these types of comments at our company.”
Fisher’s comments at the Tiburon CEO Summit in San Francisco were originally made public by other attendees, in violation of non-disclosure agreements they had signed to attend. Wealth manager Alex Chalekian first reported them, on Twitter.
On LinkedIn, Fisher’s son, Nathan, defended his father. “My father’s brain is wired differently from most people’s, and that is part of why he’s been successful at what he does,” Nathan wrote. “However, this also means he relates to people differently and doesn’t always interpret social cues in conventional ways.”
Fisher Investments did not immediately respond to requests for comment.