Billionaire Ken Fisher's firm has lost nearly $1 billion after crass remarks—and much more is on the line
Billionaire Ken Fisher’s money management firm has been fired by three clients, representing over $900 million in client assets, since the CEO’s crass remarks at an exclusive industry conference on October 8.
The $75 billion in assets State of Michigan Retirement Systems was the first to drop Fisher following his offensive remarks, which compared gaining client trust to “trying to get into a girl’s pants.” Fisher issued a statement last Thursday. “Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn’t have made them,” he said. “I realize this kind of language has no place in our company or industry. I sincerely apologize.”
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