Money management firm Fisher Investments late Tuesday denied a report that it was in sale talks with private equity firm Advent International.
The Wall Street Journal, citing sources familiar with the matter, reported on Tuesday that takeover talks were underway. No further details were revealed, and the newspaper reported that it is likely that no deal will be reached, or that other bidders for Fisher will emerge.
This report has been strongly denied.
“Fisher Investments was not purchased by Advent International, or anyone else — plain and simple. If only the Wall Street Journal had bothered to check… We had her story before printing, but we would have corrected it.”
He also denied coming the report. “Advent is not buying Fisher Investments,” a company spokesman said.
Billionaire Ken Fisher founded Fisher Investments in 1979. It manages $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 company's headquarters from Washington state to Texas, citing Washington's high capital gains tax.
Advent is focused on acquisitions, with $92 billion in assets under management, according to its website. In November, Advent appointed Tricia Rothschild as operating partner, and said she would play a “key role” in finding new investments in wealth and asset management.