Fisher Investments' Founder
Ken Fisher Maintains
Majority Controlling Interest
PLANO,
Texas, June 16, 2024 /CNW/ -- Fisher Investments
("FI") announced today that Advent International ("Advent") and a
wholly owned subsidiary of the Abu Dhabi Investment Authority
("ADIA") have agreed to make a minority investment in Ken Fisher's namesake firm, Fisher Investments.
The investment by Advent and ADIA of at least $2.5 billion and up to $3
billion values FI at $12.75
billion. Following closing, which is expected to occur later
this year, Ken Fisher will remain
active in his current role as FI's Executive Chairman and Co-Chief
Investment Officer, and FI management led by CEO Damian Ornani will continue to drive the
company. The investment will not impact FI's clients, employees or
day-to-day operations. Completion of the transaction is subject to
certain approvals and the satisfaction of other customary closing
conditions.
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The transaction was part of Ken
Fisher's long-term estate planning and allows FI under the
leadership of Damian Ornani the ability to continue operating as an
independent privately held investment adviser, wealth and asset
management firm. FI manages over $275
billion for over 150,000 clients globally, including 120,000
US private clients and 185 of the world's largest and most
well-known institutional clients. An additional distinguishing
feature of FI is its substantial international institutional and
high net worth operations—currently serving over 30,000 private
clients across 16 countries and offices on four continents, with
plans to continue expanding its global footprint.
Ken Fisher, the Founder and Executive Chairman of FI, will
sell personal holdings in FI to Advent-managed funds and ADIA. For
Advent and ADIA, the deal was an opportunity for a long-term
investment in one of the world's largest investment advisers.
Investors in the Advent vehicles include Lunate Capital Limited
managed funds, Mousse Partners, and FI's longtime largest
institutional client, South
Korea's National Pension Service (NPS). This is the first
outside investment in FI, with previous FI ownership solely among
family and employees. After the transaction closes, Ken Fisher will retain a majority of beneficial
ownership and of voting shares exceeding 70%. There is no further
FI investment transaction contemplated. The investment in common
shares includes neither options nor non-common stock preferences
and includes proportional voting to the investors' beneficial
ownership. Upon closing, David
Mussafer, Managing Partner at Advent will join the board of
directors at FI.
Damian Ornani, longtime FI CEO,
said, "This transaction gives us the independent runway with truly
exceptional institutional investors who can bring us their wisdom,
value our unique culture and goals, and want us to keep doing what
we've always done, bigger and better, while pioneering never yet
done solutions to benefit our clients and employees."
Ken Fisher said, "This
transaction is aimed dually at estate tax and planning purposes
while assuring that FI will maintain its traditional culture,
growth evolution and devotion to exceptional client service. FI has
been my life. While my health is excellent, this transaction with
an atypically long holding period for a private equity transaction
will ensure FI's long-term private independence and culture should
anything untoward happen to me. And, we will have the support of
world class partners who understand us operationally and
culturally, and value what we are and will be."
David Mussafer, Managing Partner
at Advent said, "We are excited to be backing one of the top brands
in financial services that is trusted by its clients for its
personalized approach towards wealth management. Ken, Damian, and
the rest of the management team have built a tremendous
organization over the past 45 years. We're honored to partner with
them in supporting FI's next phase of growth while upholding the
company's unique culture that is core to its success."
J.P. Morgan Securities LLC and RBC Capital Markets served as
joint financial advisors and Paul
Hastings served as legal advisor to FI in this transaction.
Ropes & Gray served as legal advisor to Advent. Gibson
Dunn served as legal advisor to
ADIA.
About Fisher Investments
Founded in 1979, Fisher
Investments is an independent, fee-only investment adviser. Fisher
Investments and its subsidiaries manage over $275 billion across three principal
businesses—Institutional, US Private Client, and Private Client
International. Founder and Executive Chairman Ken Fisher wrote the Forbes "Portfolio Strategy"
column for 32 ½ years until 2017, making him the longest running
columnist in its history. He now writes monthly for the New York
Post and discreet unique columns in native language, varying by
country, in 25 major nations, spanning more countries and more
total volume than any other columnist of any type in history. Ken
has appeared regularly on major TV news like Fox Business and News,
BBN Bloomberg and CNN International. Ken has written 11 investing
and finance books, including four New York
Times bestsellers. For more information, visit
www.fisherinvestments.com.
About Advent International
Founded in 1984, Advent
International is one of the largest and most experienced global
private equity investors. The firm has invested in 420 private
equity investments across 43 countries, and as of December 31, 2023, had $94
billion in assets under management.* With 15 offices in 12
countries, Advent has established a globally integrated team of
over 300 private equity investment professionals across
North America, Europe, Latin
America, and Asia. The firm
focuses on investments in five core sectors, including business and
financial services; health care; industrial; retail, consumer, and
leisure; and technology. For 40 years, Advent has been dedicated to
international investing and remains committed to partnering with
management teams to deliver sustained revenue and earnings growth
for its portfolio companies.
For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
* Assets under management include assets attributable to Advent
advisory clients as well as employee and third-party co-investment
vehicles.
About Abu Dhabi Investment Authority
Established in 1976, the Abu Dhabi Investment Authority ("ADIA") is
a globally diversified investment institution that prudently
invests funds on behalf of the Government of Abu Dhabi through a strategy focused on
long-term value creation. For more information, visit
www.adia.ae.
Media Contacts:
For Fisher Investments
Naj Srinivas
Executive Vice President, Corporate Communications
n.srinivas@fi.com
For Advent International
Leslie Shribman
Head of Communications
lshribman@adventinternational.com
For ADIA
Garry Nickson
ADIA Corporate Communications & Public Affairs
garry.nickson@adia.ae
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SOURCE Fisher Investments