BOSTON (Reuters) – The City of Boston’s retirement board on Wednesday voted unanimously to finish its relationship with money manager Kenneth Fisher, whose agency has misplaced virtually $1 billion in belongings after allegations he made disparaging remarks about ladies final week.
FILE PHOTO: CEO of Fisher Investments Kenneth Fisher speaks through the opening ceremony of the Invictus Games in Orlando Florida, U.S., May eight, 2016. REUTERS/Carlo Allegri/File Photo
In addition, on Wednesday night an official of the Los Angeles pension system for police and firefighters stated it should assessment the roughly $500 million it has invested with Fisher’s agency.
“As with other pension funds, we are very concerned with the inappropriate comments made by Mr. Fisher,” stated the Los Angeles system’s basic manager, Ray Ciranna, by way of e-mail.
In Boston, Fisher Investments managed about $253 million for the town’s pensions. The retirement board’s vote got here as Boston Mayor Marty Walsh stated Fisher’s statements confirmed “a profound lack of judgment.”
“Boston will not invest in companies led by people who treat women like commodities. Reports of Ken Fisher’s comments and poor judgment are incredibly disturbing, and I have asked our retirement board to take a vote to end any relationship with Fisher Investments,” Walsh stated in a press release.
So far, pension plans run for Boston, the state of Michigan and the town of Philadelphia have introduced they may cease investing greater than $900 million with Fisher Investments.
In a video posted Oct. 9 on Twitter, Alex Chalekian, chief government of a monetary advisory agency, referred to as consideration to the feedback Fisher made at a monetary convention final week.
Chalekian stated Fisher made derogatory feedback about genitalia, choosing up women and financier Jeffrey Epstein, amongst different subjects. Epstein dedicated suicide in August whereas being held in jail awaiting trial on intercourse trafficking fees.
Fisher, who was not out there for remark, has apologized for his remarks. Fisher Investments Chief Executive Damian Ornani has stated the agency is launching a activity pressure to handle variety and inclusion on the agency itself.
Comments of public figures have come underneath growing scrutiny within the period of social media and because the #MeToo motion, has uncovered widespread sexual harassment or abuse of girls in a number of spheres of American life and ended the careers of dozens of highly effective males in media, politics, leisure and enterprise.
Meanwhile, Boston-based mutual fund big Fidelity Investments and pension plans across the nation have stated they’re reviewing whether or not to hold investing money with Fisher Investments.
Fisher controls an funding firm that manages about $112 billion for people, mutual funds, trusts and pensions. In current years, the corporate has landed a number of dozen corporations, lots of them small companies, to handle their staff’ 401(okay) investments, U.S. regulatory filings present.
Reporting by Tim McLaughlin and Ross Kerber; Editing by Sandra Maler and David Gregorio