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Photo: Smith Collection/Gado/Getty Images

Billionaire investor Ken Fisher could see even more investors and more money flee his asset management business as he and the firm continue to face a reckoning for the inappropriate remarks he made at a private investor conference earlier this month.

What's happening: Nearly $2 billion has been pulled from Fisher Investments in less than two weeks by the state of Michigan and retirement systems from Philadelphia, Boston and Iowa as well as Fidelity.

  • Major institutional managers including Goldman Sachs and pension funds from Florida and Los Angeles say they are reviewing their relationship with Fisher.

Background: Fisher has presented himself as a brilliant money manager and had been a frequent guest on financial news programs, dispensing advice about stock picks. His firm has grown thanks to a barrage of direct mail, seminars, videos, ads and the tagline for his firm: “We do better, when you do better.”

The big picture: But behind closed doors, Fisher was often unprofessional and the company provided a hostile work environment, according to accounts published Monday by Bloomberg.

  • "At a staff meeting in 2008, for example, as financial markets were reeling, a woman asked Fisher if he’d considered shifting into defensive holdings."
  • "'Why would I want half a d---?' Fisher replied, according to two people who attended the meeting."
  • "Fear is ever-present, some former employees said. They said they were held to vague targets and that it was easy to get in trouble for questioning the firm’s methods or objectives."
  • "Salespeople must ... make hundreds of calls a day, sifting through names of mostly unqualified or uninterested prospects. Many hires are recruited directly from college and are gone in a year or two."
  • “'I thought Fisher was my dream job,’ said Nick Morrison, who joined the firm in nearby Vancouver in 2011, when he was fresh out of the University of Idaho. He left the following year. 'From the very first day, it was just a nightmare.'"

Go deeper: A push to let mom and pop invest in startups

Go deeper

Trump's legacy is shaped by his narrow interests

Illustration: Annelise Capossela/Axios

President Trump's policy legacy is as much defined by what he's ignored as by what he's involved himself in.

The big picture: Over the past four years, Trump has interested himself in only a slim slice of the government he leads. Outside of trade, immigration, a personal war against the "Deep State" and the hot foreign policy issue of the moment, Trump has left many of his Cabinet secretaries to work without interruption, let alone direction.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: The good and bad news about antibody therapies — Fauci: Hotspots have materialized across "the entire country."
  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
Bryan Walsh, author of Future
2 hours ago - Technology

AI and automation are creating a hybrid workforce

Illustration: Annelise Capossela/Axios

AI and automation are receiving a boost during the coronavirus pandemic that in the short term is creating a new hybrid workforce rather than destroying jobs outright.

The big picture: While the forces of automation and AI will eliminate some jobs and create some new ones, the vast majority will remain but be dramatically changed. The challenge for employers will be ensuring workforces are ready for the effects of technology.