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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

House passes $1.9 trillion COVID relief package

Photo: Screenshot via C-SPAN

The House approved President Biden's $1.9 trillion COVID relief package on a 219-212 vote early Saturday morning, sending it to the Senate for a possible rewrite before it gets to Biden's desk.

The big picture: The vote was a critical first step for the package, which includes $1,400 cash payments for many Americans, a national vaccination program, ramped-up COVID testing and contact tracing, state and local funding and money to help schools reopen.

9 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.