The State of Michigan Retirement Fund’s pension account, worth more than $70 billion, ended its relationship with the investment firm of Ken Fisher in the latest backlash to offensive remarks the billionaire made this week at a conference.
Fisher has apologized for sexist and off-color remarks he made at the Tiburon CEO summit in San Francisco, but it hasn’t stopped the outrage.
The $112 billion Fisher Investments was responsible for managing $600 million in retirement funds for Michigan, and has been associated with the state body for about 15 years.
Jon Braeutigam, Michigan’s chief investment officer, notified the state investment board of the termination in a letter dated Oct. 10.
Braeutigam said in the letter that Fisher’s comments were unacceptable. Although employees at the pension fund hadn’t witnessed or been aware of similar comments, “this history does not outweigh the inappropriateness of the comments,” he wrote.
“There is no excuse not to treat everyone with dignity and respect,” he said in the letter. “We have high expectations of our managers (and staff) not just with regards to returns but also in how they exhibit integrity and respect to all individuals.”
Over the years, the performance of Fisher Investments had been good and beat the S&P 1500, Braeutigam wrote. The decision to terminate the relationship was unanimous.
The Washington Post first reported the state pension fund’s termination.
Under Fire
Fisher, 68, a longtime market commentator and conference speaker, has come under fire for comparing the process of gaining a client’s trust to “trying to get into a girl’s pants” and talking about genitalia at the financial services conference.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
