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Fisher Investments withdrawals exceed $2 billion as New Hampshire pension plan…

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Fisher Investments withdrawals exceed $2 billion as New Hampshire pension plan...

Kenneth Fisher, CEO of Fisher Investments, speaks at Forbes Global CEO Conference in Sydney, Australia on Tuesday, September 28, 2010.

Gillianne Tedder Bloomberg Getty Images

The New Hampshire Retirement System on Tuesday voted to end its $ 239 million relationship with Fisher Investments, bringing the money manager's divested total in recent weeks to more than $ 2 billion.

The plan's investment committee voted 5-0 in favor of Fisher's resignation, citing obscene comments that Fisher Fisher founder billionaire Ken Fisher made at an investment conference on Oct. 8, according to spokesman Marty Karlon. of New Hampshire retirement. System.

Employees at Camas, Washington-based Fisher Investments did not respond immediately to a request for comment.

In total, six institutional clients have left Fisher in the past two weeks, bringing total asset losses to just over $ 2 billion.

On Monday, Fidelity announced that it would remove its assets from Fisher. The company had managed $ 500 million for Fidelity Small-Mid Cap Fund's Strategic Advisers Advisors.

Four government pensions previously withdrew nearly $ 1.3 billion from Fisher Investments.

"The recent statements by Fisher Fisher's founder and president Ken Fisher are not only offensive and inappropriate, they are incompatible with the values ​​of the retirement system and question Fisher's judgment," said the New Hampshire Retirement System. in a written statement.

The money Fisher previously managed for the $ 9.2 billion retirement plan will now be distributed among four other money managers.

NEPC, the Boston investment adviser for the New Hampshire plan, also recommended that its clients terminate their relationship with Fisher.

Fisher Investments withdrawals exceed $2 billion as New Hampshire pension plan...

"In 2018, NEPC created an internal group called the Unfavorable News Committee to respond to negative non-investment events related to our investment managers," the consultancy said in a report obtained by CNBC. "Mr. Fisher's comments clearly fit this mandate."

CNBC obtained an audio recording of Fisher's comments at the Tiburon CEO Summit, as well as his audio speaking at a previous conference.

The clips for both were featured on CNBC's "Power Lunch." Combined, they show that the money manager has made irreverent comments about sex.

In the CNBC audio, Fisher says at the Tiburon conference, "Money, sex, these are the two things that are most private to most people," so when trying to win new customers, you have to be careful.

He says, "It's like going to a girl in a bar … [inaudible] … going to a woman in a bar and saying, hey, I want to talk about what's in your pants."

In addition, when Fisher was a speaker at the Evidence Based Investments conference in 2018, he compared mutual fund marketing with a woman's proposal to have sex in a bar.

"I mean, the stupidest thing you can do, which is what all the mutual fund companies in the world ever did, was bragging about performance in a direct mail, which is a bit like going into a bar if you are he's a single man and wants to have sex and go to a girl and say, "Hey, do you want to have sex?" "Fisher said, according to CNBC audio.

Since then, the billionaire has apologized for his comments.

"Some of the words and phrases I used during a recent conference to express certain points were clearly wrong and I should not have expressed them," Fisher said in a statement. "I know this kind of language has no place in our company or industry. I sincerely apologize."

The organizers of both conferences subsequently forbade him to speak again in the future.

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