Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Fidelity drops Fisher's money management firm as withdrawals accelerate

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/21/2019 | 01:45pm EST
Kenneth Fisher, the founder, chairman, and CEO of Fisher Investments, speaks at the Reuters Investment Outlook Summit in New York

BOSTON (Reuters) - Fidelity Investments has dropped Fisher Investments as a money manager, a Fidelity spokesman said on Monday, the latest in an accelerating series of withdrawals from the firm over allegedly sexist comments by its leader, Kenneth Fisher.

Fisher had managed $500 million in the $8 billion Fidelity Strategic Advisers Small-Mid Cap Fund, a mandate the Boston firm said last week was under review.

Since then a set of public pension funds also pulled money from Fisher, including funds in Iowa and in the cities of Boston and Philadelphia, bringing total withdrawals to around $1.8 billion. Other systems have Fisher under review including in Florida and Los Angeles.

Fisher did not immediately respond to a request for comment.

In a video posted Oct. 9 on Twitter, Alex Chalekian, chief executive of a financial advisory firm, called attention to comments Fisher made at a financial conference last week.

Chalekian said Fisher made derogatory comments about genitalia, picking up girls and financier Jeffrey Epstein, among other topics. Epstein committed suicide in August while in jail awaiting trial on sex trafficking charges.

In a memo to his firm's employees on Oct. 11 and sent to Reuters by a spokesman, Fisher said: "It pains me to know that my comments have caused you grief, concern, and indignation. I sincerely apologize."

At Fidelity, assets previously managed by Fisher have been reallocated within the fund, said Fidelity spokesman Vincent Loporchio.

(Reporting by Ross Kerber in Boston; Editing by Chizu Nomiyama and Matthew Lewis)

By Ross Kerber

Stocks mentioned in the article
ChangeLast1st jan.
NOBLE ENERGY 1.44% 20.53 Delayed Quote.3.89%
NOBLE MIDSTREAM PARTNERS LP -0.95% 20.92 Delayed Quote.-27.32%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
12:15pU.S. labor market, manufacturing data point to slowing economy
RE
12:14pShippers shift to trucks as strike at Canada's biggest railroad enters third day
RE
12:06pNGFA NATIONAL GRAIN AND FEED ASSOCIATION : ag groups, urge support for U.S.-Japan Trade Agreement
PU
12:05pStocks, dollar slip as reports kindle trade deal hopes
RE
12:01pWorld stocks, dollar slip as reports kindle trade deal hopes
RE
12:00pGlobal stocks, dollar slip as reports kindle trade deal hopes
RE
11:57aOil rises on hopes of OPEC cut extension, U.S.-China trade deal
RE
11:56aOil rises on hopes of OPEC cut extension, U.S.-China trade deal
RE
11:56aICC INTERNATIONAL CHAMBER OF COMMERCE : In Sky News interview ICC Sec Gen warns ‘get serious' on digital trade
PU
11:56aICC INTERNATIONAL CHAMBER OF COMMERCE : Rodolfo Lacy of OECD discusses global trade and environmental sustainability with ICC
PU
Latest news "Economy & Forex"