The city of Boston announced Wednesday it is pulling its $248 million pension fund investment from Fisher Investments following founder and chairman Ken Fisher’s offensive remarks at a California conference last week, according to a statement from the city.
Boston joins a growing list of Fisher Investment’s losses, including Michigan’s $600 million and Philadelphia’s $54 million retirement-fund investments. The total damage from the remarks could exceed $1 billion after Fidelity Investments said Tuesday it is questioning its $500 million investment, according to Reuters. Florida is also reviewing its $175 million investment.
Fisher was accused of making remarks that compared securing investment clients to “getting into a girl’s pants,” according to Bloomberg. Fisher admitted to the comments and apologized.
“It pains me to know that my comments have caused you grief, concern and indignation. I sincerely apologize,” Fisher said in a press release.
The investment firm on Oct. 11 announced that it’s planning to start a diversity and inclusion task force as a result of Fisher’s comments, according to Bloomberg.
“Ken’s comments were wrong,” Fisher Investments Chief Executive Damian Ornani said.