Money-management firm Fisher Investments late Tuesday denied a report that it’s in sale talks with private-equity firm Advent International.
The Wall Street Journal, citing sources familiar with the matter, reported Tuesday that acquisition talks were underway. No further details were revealed, and the Journal reported that it’s possible no deal will be made, or that other suitors for Fisher’s firm will emerge.
That report was vehemently denied.
“Fisher Investments is not being bought by Advent International, or anyone else — plain and simple. Had the Wall Street Journal bothered to verify their story with us before going to print, we would have corrected them,” Naj Srinivas, Fisher’s executive vice president for corporate communications, said in an email.
Advent also denied the report. “Advent is not buying Fisher Investments,” a spokesperson said.
Billionaire Ken Fisher founded Fisher Investments in 1979. It manages about $236 billion in assets worldwide, according to its website. Fisher moved from CEO to executive chairman and co-chief investment officer in 2016.
Clients withdrew millions from Fisher’s fund in 2019, after he made lewd comments during an interview at a financial-industry conference. Fisher later apologized for his remarks.
Last year, he moved his firm’s headquarters from Washington state to Texas, citing Washington’s high capital-gains tax.
Advent focuses on buyouts, with $92 billion in assets under management, according to its website. In November, Advent named Tricia Rothschild as an operating partner, and said she would play “a key role” in finding new investments in wealth and asset management.