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Home / Business / Boston receives $ 248 million in pension funds from an investment firm

Boston receives $ 248 million in pension funds from an investment firm



Prior to the poll, Mayor Martin J. Walsh, who appoints several members of the pension board, asked Fisher to withdraw money from the city.

"Ken Fisher's statements imply not only his own judgment, but possibly his own that of the entire company," Walsh wrote in a letter to the board. "Boston will not invest in companies run by people who treat women like goods."

The city relies on external investment firms to manage its pension fund and has been using Fisher Investments since 2006.

Emme Handy, Chief Boston City Treasurer said he had a fiduciary responsibility to retirees, and although the CEO's comments were "unbelievably unpleasant," they also constituted "bad judgment."

"We are very clearly, we have no relationship with a manager who has such bad judgment, "said Hande," this is an appropriate decision, and we protect investment and live our values ​​with our investments, which is incredibly important to the mayor.

Boston Joins Michigan State Pension Scheme and Philadelphia City Pension According to media reports, Fisher Investments' cash outflow exceeds $ 900 million, while other state pension programs are considering whether to do business with the company.

Fisher manages no money for the state pension in Massachusetts, stated e spokeswoman for the Treasury. The company was on the list of preferred providers of investment services for the deferred compensation plan of the state, but was informed in a letter sent on Tuesday that it was deleted from the list because "the comments represent a culture associated with the position and not compatible is convictions of this office.

Reuters first reported that Fidelity Investments is also reviewing its relationship with Fisher Investments. A spokesman for Boston-based Fidelity told Globe that Fisher is managing about $ 500 million for the Boston-based financial services company.

"We are very concerned about the highly inappropriate comments he has made," said Vin Loporchio of Fidelity. "We believe that the views expressed by him are in no way consistent with the values ​​of our company."

The male-dominated investment industry was notoriously sexist in the past, but two years after the MeToo movement began, this behavior was not tolerated. It is unusual for companies to break off contact with a financial manager for insulting comments, and this is welcomed.

"People can not assume that they can talk about women in a derogatory way, and that their customers and their colleagues accept this kind of comment as the nature of business as usual," said Karen Firestone, CEO of Boston-based asset management firm Aureus Asset Management. "It should and can not be accepted anymore."

Fisher Investments manages more than $ 1

12 billion for large institutions and wealthy individuals, according to its website.

Fisher spoke at a conference that was organized by invitation only from Tiburon Strategic Advisors last week in San Francisco. The remarks should be private, but some participants decided to go public because the money manager's comments were sexist.

"Ken Fisher's statements were absolutely terrible," said Alex Chalekian, managing director of Lake Avenue Financial, Pasadena, California, in a video posted on Twitter. "All I had to do was open up and mention how disgusted I am. , , , We have to change that. We have to change it now. "

Fisher apologized and said," Some of the words and phrases I used recently at a conference to highlight certain points were clearly wrong, and I should not have done them. I realize that this kind of language has no place in our company or industry. I sincerely apologize.

But in an interview with Bloomberg News, he showed little regret.

"I have given many lectures, many times, in many places, and things like that, and never have I received that kind of reaction," said Fisher, 68, to Bloomberg. "Mostly, the audience understands what I say."


Shirley Leung can be reached at [email protected] Follow her on Twitter @leung .


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