The Wall Street Journal is under fire for publishing a story claiming registered investment advisor Fisher Investments was considering a potential sale.
The article, posted January 2, reports that private equity firm Advent International was “in talks” of acquiring Fisher Investments, attributing the claim to a source familiar with the matter, who asked not to be identified.
The confidential source further added that an agreement between the two parties had not yet been reached, and it was possible no deal would transpire at all, the WSJ reported.
The claims led Fisher Investments to release a statement later that day, where the firm admonished the publication for reporting statements that it said were inaccurate and unverified. “Fisher Investments is not being bought by Advent International, or anyone else—plain and simple,” the firm stated in a press release.
“Had The Wall Street Journal’s reporters bothered to verify the facts, we would have corrected their reporting,” the firm continued in its statement. “Instead, The Wall Street Journal printed the rumors first and followed up with us last.”
Founded in 1979 by billionaire Ken Fisher, Fisher Investments works primarily among four business groups: U.S. Private Client, Institutional, Private Client International, and 401(k) Solutions. As of December 31, 2023, the RIA and its subsidiaries manage over $236 billion in assets globally for 145,000 clients—over $196 billion for private investors, $35 billion for institutional investors, and $4 billion for U.S. small to midsized business retirement plans.
Fisher, who himself has a net worth of $4.3 billion according to Bloomberg Billionaires Index, shifted from CEO of the firm to executive chairman and co-chief investment officer in 2016. In 2023, Fisher relocated the firm’s headquarters from Washington to Plano, Texas, following a ruling from the Washington State Supreme Court that allowed increases to capital gains taxes.
Advent International has worked in international buyouts since 1989, and currently manages $92 billion in assets under management (AUM).
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
