Billionaire Ken Fisher's losses approach $3 billion after Goldman Sachs reportedly drops him over sexist comments
- Goldman Sachs is reportedly joining the list of clients ditching Ken Fisher after the billionaire money manager made a series of sexist comments at a conference earlier this month.
- The banking titan is pulling $234 million from Fisher Investments, Bloomberg reported, citing a person familiar with the matter.
- Fisher's clients including Fidelity have now pulled close to $3 billion from his money management firm.
- View Business Insider's homepage for more stories.
Goldman Sachs is reportedly joining the growing list of clients ditching Ken Fisher after the billionaire money manager made a series of sexist comments at a conference earlier this month.The banking titan is pulling $234 million from Fisher Investments, according to Bloomberg, citing a person familiar with the matter. That figure could still rise.Advertisement
Total reported outflows from Fisher's firm have reached about $2.7 billion with Goldman's withdrawal, Bloomberg said. It managed roughly $112 billion prior to the controversy.
On Thursday, the Los Angeles fire and police pension board also said it would be pulling $500 million from Fisher Investments."Fisher's words reach millions and only do damage," Commissioner Brian Pendleton said at a board meeting, Bloomberg reported. "Other pension funds are going to come to the same conclusion and we shouldn't be the last ones to turn the lights off."
Fisher, at a conference in San Francisco on October 8, made several sexist comments according to people who attended the event. He apparently talked about genitalia and compared working to win clients to "trying to get into a girl's pants."Earlier this week, asset management giant Fidelity pulled half a billion from Fisher Investments over the comments.Meanwhile, CNBC obtained audio from the event that revealed Fisher said, "Money, sex, those are the two most private things for most people," so when trying to win new clients you need to be careful.Advertisement
Fisher apologized for the comments earlier this month. "Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn't have made them," he said. "I realize this kind of language has no place in our company or industry. I sincerely apologize."
Goldman Sachs did not immediately respond to a request for comment from Markets Insider.Advertisement
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