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Ken Fisher sells stake in namesake money management firm

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.