Fisher Investments Denies Acquisition Discussions with Advent International

Advent International was reportedly discussing a potential acquisition of Fisher Investments, a money-management firm recognized for its extensive advertising campaigns. 

In response to the report from The Wall Street Journal, Fisher Investments debunked the acquisition rumors, asserting that neither Advent International nor any other entity was in the process of purchasing the firm. 

"Fisher Investments is not being bought by Advent International or anyone else—plain and simple," Fisher Investments said in a statement. The story also had numerous other inaccuracies, Fisher added.

The money-management firm boasts $205 billion in assets under management as of September 30, catering to a client base that includes pension funds, governmental bodies, college endowments, and a significant 401(k)-advisory business.

Established by billionaire Ken Fisher in 1979, the firm underwent a significant transition last year when it relocated its headquarters from Washington state to Texas, a strategic move in response to new capital-gains taxes for affluent residents of the former, Wall Street Journal noted.

Ken Fisher, who served as the chief executive for an extensive 37-year tenure until 2016, currently holds the position of executive chairman and co-chief investment officer. 

The current chief executive, Damian Ornani, has been an integral part of the firm since 1997.

However, Fisher Investments faced scrutiny in 2019 following controversial comments made by Ken Fisher at a San Francisco conference. 

His remarks drew criticism, leading some clients to withdraw their investments from the firm.

The denial of acquisition talks comes at a crucial time for the private equity industry, which witnessed a considerable decline in deal activity in 2023. Amid hopes for revitalization in 2024, stakeholders eagerly anticipate a resurgence in the core buyout business.

Photo via KenFisher.com