Fisher Investments lost another $500 million in funds Monday as the fallout continued from vulgar comments by the Camas firm’s chairman.
Fidelity Investments said Monday it is pulling its $500 million from Camas-based Fisher. Public and private investment funds have withdrawn $1.69 billion from the firm since Chairman Ken Fisher made a string of vulgar comments at a San Francisco investment conference earlier this month.
Fisher has apologized for his comments, but investors were appalled.
“The views he expressed do not align in any way with our company’s values. We do not tolerate these types of comments at our company,” Fidelity said last week, when it said it was reconsidering its relationship with Fisher. Fidelity said Monday it has now reallocated assets previously managed by Fisher.
The controversy flared when attendees at the investment conference described sexist comments Fisher made during a fireside chat. They said he described the process of winning a client’s trust to “trying to get into a girl’s pants” and that he made other references to sexual misconduct, genitalia and drug use.
Attendees said the comments exacerbated a perception that the financial services industry is hostile to women and others from underrepresented groups.