Ken Fisher sells stake in namesake money management firm for up to $3 billion
Ken Fisher sells stake in namesake money management firm for up to $3 billion
Advent International and Abu Dhabi Investment Authority have agreed to acquire up to a $3 billion stake in Fisher Investments, the money management firm founded by Ken Fisher.
The big picture: Advent agreed to not sell its position for what Fisher called an "atypically long holding period for a private equity transaction," even though any holding period requirement is unusual for private equity transactions.
Details: Advent and ADIA will invest between $2.5 billion and $3 billion at a $12.75 billion valuation.
- Ken Fisher will remain in his current role as executive chair and co-CIO, while Damian Ornani will remain CEO.
- FI was launched in 1979 and currently manages around $275 billion for individuals and institutions. It relocated its headquarters last year to Texas from Washington, due to taxes.
The bottom line: This is about estate planning for Fisher, even though the 73-year-old says that his "health is excellent."
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