The move by the mutual fund giant is part of a growing exodus of big clients.
Some former employees say fear runs high at Fisher's company, as does the pressure to sell.
Fisher Investments is responding to the backlash from Ken Fisher's lewd comments this week.
He also made a reference to dropping acid and likened his employees to cattle who need to be branded, one attendee said.
Prosecutors say parents paid for exam scores and faked their kids' fake sports achievements.
But he has no misgivings about selling in 2013, because it allowed the company to reduce risk and make money.
Private fund giants reported large fundraising successes even as markets took a bite out of profits.
The bank and asset manager plans to reduce its workforce by 6 percent.
Those affected include executive vice presidents and senior VPs.
Jon Gray says the rise in volatility has presented opportunities as the prices of some asset classes like energy have dropped.
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