Ken Fisher’s sexually-charged speech at a San Francisco conference earlier this month has cost the money manager another big investor.
On Monday, Fidelity ended its relationship with Fisher Investments, saying it has decided to reallocate assets within its Strategic Advisers Small-Mid Cap Fund that were previously run by Fisher.
Fisher Investments did not immediately respond to FOX Business' request for comment.
Fidelity became at least the third big investor to pull its money from Fisher, who manages $112 billion. Last week, the Michigan Treasury Department withdrew $600 million of the state’s pension fund from Fisher Investments due to the money manager’s “completely unacceptable comments.” Four days later, the Iowa Public Employees Retirement System withdrew $386 million.
Fisher, while speaking last week at a Tiburon Strategic Advisers event, compared wooing money-management clients with "trying to get into a girl's pants." Tiburon also cut ties with Fisher for life.
"Some of the words and statements I used during a recent conference to make certain points were clearly wrong, and I shouldn't have made them," he said in a statement to FOX Business. "I realize this kind of language has no place in our company or industry."