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Fisher Investments Pension Losses Spike To $1.3 Billion As Iowa Pulls Out
10-19-2019, 06:09 PM,
#1
Fisher Investments Pension Losses Spike To $1.3 Billion As Iowa Pulls Out
Fisher Investments Pension Losses Spike To $1.3 Billion As Iowa Pulls Out

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Fisher Investments Pension Losses Spike To $1.3 Billion As Iowa Pulls Out</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>No sooner did <a href="https://www.zerohedge.com/news/2019-10-17/ken-fishers-clients-have-now-withdrawn-nearly-1-billion-amidst-his-lewd-sexual">we report </a> that the city of Boston had pulled out of Fisher Investments to the tune of $248 million than another state has followed suit and hit the exits, according to <a href="https://www.cnbc.com/2019/10/18/fisher-investments-losses-hit-1point3-billion-in-pension-assets.html">CNBC</a>.</p>

<p>The Iowa Public Employees Retirement System is ending its relationship with Fisher Investments and pulling out $386 million. <strong>This brings the total losses in pension assets for Fisher to about $1.3 billion. </strong></p>

<p>Shawna Lode, spokeswoman for the IPERS, said:<strong> “IPERS staff has taken time to evaluate this situation, and it is our opinion that Mr. Fisher’s comments have damaged the credibility of the firm and its leadership. </strong>As a result, the risk to IPERS is that the firm could lose investment talent, and/or it may be unable to recruit high caliber talent in the future.<strong>”</strong></p>

<p>“Furthermore, the negative publicity will probably continue to be a major distraction to Fisher Investment personnel,” she continued.</p>

<p>About two weeks ago, Lode had previously commented that the IPERS was reviewing their relationship with Fisher Investments: "Fisher’s remarks are obviously concerning," she said at the time. "Although our investment management contracts do not include a conduct policy, <strong>we hold our partners to the highest standards and reserve the right to amend or sever any contract at our discretion.”</strong></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/fishy.png?itok=-6cgCsmf" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/fishy.png?itok=-6cgCsmf"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/fishy.png?itok=SSJEI3oS 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/fishy.png?itok=SSJEI3oS 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/fishy.png?itok=SSJEI3oS 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=SSJEI3oS 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/fishy.png?itok=SSJEI3oS 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/fishy.png?itok=-6cgCsmf 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="a8eb386b-40ba-43b8-af6b-31ad2bf3f714" data-responsive-image-style="inline_images" height="413" width="454" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/fishy.png" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Recall, just <a href="https://www.zerohedge.com/markets/pulling-out-70-billion-retirement-fund-exits-fisher-investments-amidst-sex-joke-backlash">days after</a> the $70 billion state of Michigan retirement fund pulled its assets from Fisher Investments, the city of Boston also did the same, pulling $248 million in pension funds.</p>

<p>Fisher managed $600 million in retirement funds for Michigan and the state's exit ends a 15 year relationship with Fisher's firm.</p>

<p>Boston Mayor Martin Walsh said:<strong> “Boston will not invest in companies led by people who treat women like commodities.</strong> Reports of Ken Fisher’s comments and poor judgment are incredibly disturbing.”</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/CCC.png?itok=4yX1wJ1Q" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/CCC.png?itok=4yX1wJ1Q"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/CCC.png?itok=0OIzPyKK 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/CCC.png?itok=0OIzPyKK 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/CCC.png?itok=0OIzPyKK 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=0OIzPyKK 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/CCC.png?itok=0OIzPyKK 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/CCC.png?itok=4yX1wJ1Q 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="36184102-190f-44f7-95c2-1f800b1e9618" data-responsive-image-style="inline_images" height="330" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/CCC.png" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Michigan’s chief investment officer, Jon Braeutigam, notified the state investment board of the termination on October 10. In his letter, he said that <strong>Fisher's comments were "unacceptable" </strong>and that although employees at his fund hadn't witnessed similar comments, “history does not outweigh the inappropriateness of the comments.” </p>

<p>Fisher was managing about $10.9 billion on behalf of 36 state or municipal government entities at the end of 2018, down from $13.2 billion at the end of 2017.<strong> That number will likely be sizeably lower at the end of 2019. </strong></p>

<p><a data-image-external-href="" data-image-href="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/KF.jpg" data-link-option="0" href="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/KF.jpg"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/KF.jpg?itok=qswNEDVx 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/KF.jpg?itok=qswNEDVx 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/KF.jpg?itok=qswNEDVx 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=qswNEDVx 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/KF.jpg?itok=qswNEDVx 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/KF.jpg?itok=1mRy5_1b 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="3892ad31-bce8-48fc-b34c-b42cd28943c7" data-responsive-image-style="inline_images" height="333" typeof="foaf:Image" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/KF.jpg" alt="" /></picture></a></p>

<p>And as we stated weeks ago, the blowback may not be over: <a href="https://www.zerohedge.com/markets/ken-fishers-clients-reevaluating-relationship-after-lewd-comments-spark-controversy">we reported</a> that other clients of Fisher's were "reevaluating" their relationship with the firm after the manager's sex jokes at a financial conference. </p>

<p>Maxwell Rule, chief financial officer of Hames, a company who has their 401(k) managed by Fisher, said last week: “It certainly taints their reputation. <strong>I wouldn’t comment at this point whether this would lead us to take our business elsewhere, but I will certainly have a conversation with the ownership regarding tha</strong>t. As a fiduciary I have an obligation to have that conversation."</p>

<p>About three weeks ago we <a href="https://www.zerohedge.com/health/billionaire-ken-fisher-offends-financial-conference-audience-lewd-sexual-references">reported</a> that at a conference in San Francisco, Fisher - whose firm manages more than $100 billion <em>- shocked </em>attendees<strong> </strong>when he compared gaining a client's trust to "trying to get into a girl's pants." Fisher also said at the same conference that executives who were <strong>"not comfortable talking about genitalia should not be in the financial industry." </strong></p>
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<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
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<span property="schema:dateCreated" content="2019-10-19T21:30:00+00:00" class="field field--name-created field--type-created field--label-hidden">Sat, 10/19/2019 - 17:30</span>

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