Private-equity firm Advent International has finalized plans to acquire a minority stake in Fisher Investments, marking a significant milestone for both entities. This strategic move, announced jointly by Advent and Fisher Investments on Sunday, involves Advent, a subsidiary of the Abu Dhabi Investment Authority, injecting between $2.5 billion and $3 billion into Fisher Investments. This substantial investment values Fisher Investments at approximately $12.75 billion and represents the first external capital infusion in the company’s history.
Ken Fisher, the founder of Fisher Investments, will sell a portion of his personal holdings to Advent as part of this transaction. Despite the sizeable financial injection, the agreement emphasizes that Fisher Investments’ operational structure and client investment strategies will remain unaffected. Ken Fisher will continue in his role as executive chairman and co-chief investment officer, alongside Damian Ornani, who will retain his position as Chief Executive Officer. This continuity in leadership underscores Fisher Investments’ commitment to maintaining its established culture and unwavering focus on client service.
For Ken Fisher, aged 73, this partnership with Advent International is not just a financial decision but also a pivotal step in his long-term estate planning. By securing Advent as a minority investor with an unusually extended holding period, Fisher seeks to safeguard the firm’s independence and cultural integrity in the event of unforeseen circumstances. He has expressed confidence that Advent’s operational and cultural alignment with Fisher Investments will strengthen the firm’s market position and uphold its legacy of excellence in asset management.
Headquartered in Texas since relocating from Washington state in 2023, Fisher Investments manages a robust global portfolio exceeding $275 billion. The decision to move to Texas was driven by concerns over Washington state’s high capital gains tax, reflecting Fisher’s strategic foresight in optimizing the firm’s operational environment.
The agreement with Advent International not only underscores Fisher Investments’ strategic evolution and resilience amidst changing market dynamics but also positions the firm for sustained growth and innovation in asset management. Advent, renowned for its global investment expertise and financial backing, views this partnership as a strategic opportunity to align with Fisher Investments’ strong market reputation and support its continued expansion.
As the partnership progresses, both Advent International and Fisher Investments are poised to leverage their respective strengths and synergies to drive value creation and enhance client outcomes in the competitive landscape of asset management. This collaboration is expected to usher in a new phase of growth and strategic development for Fisher Investments, reinforcing its standing as a leader in the global investment management industry.