Board President Adam Nathanson asked why Ken Fisher didn’t attend the meeting and defend himself and if he has offered to leave the firm. “It’s telling that he’s not here. He’s the one who said the comments. The accountability lies with Mr. Fisher,” he said.
A Fisher representative said he’s too important to the firm to resign.
The Los Angeles pension board called a special meeting Thursday to discuss its contract with Fisher. The board’s options included firing Fisher, putting the firm on watch or transferring assets to a different manager. The board discussed the costs of moving its investment to another money manager and the type of international equity funds that would be most appropriate.
The pension’s chief investment officer recommended that the pension transfer its assets out of Fisher and into another manager. One name that came up during the meeting as a potential replacement was U.K.-based Baillie Gifford, an existing manager for international strategies.
Fisher Investments, which manages $114 billion, is also facing scrutiny from other pensions that are reviewing their ties to the firm.
This article was provided by Bloomberg News.