Jun 17, 2024 - Business

Ken Fisher sells stake in namesake money management firm

Dan Primack

Illustration of a piggy bank with a blue ribbon, as if it is a prize pig. — Illustration: Maura Losch/Axios

Fisher Investments, the money management firm founded by Ken Fisher, has agreed to sell up to a $3 billion minority stake to private equity firm Advent International and sovereign wealth fund Abu Dhabi Investment Authority.

The big picture: Advent agreed to not sell its position for what Fisher called an "atypically long holding period for a private equity transaction," even though any holding period requirement is unusual for private equity transactions.

Details: Advent and ADIA will invest between $2.5 billion and $3 billion at a $12.75 billion valuation.

Ken Fisher will remain in his current role as executive chair and co-CIO, while Damian Ornani will remain CEO.
FI was launched in 1979 and currently manages around $275 billion for individuals and institutions. It relocated its headquarters last year to Texas from Washington, due to taxes.

The bottom line: This is about estate planning for Fisher, even though the 73-year-old says that his "health is excellent."

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Ken Fisher sells stake in namesake money management firm

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