Fisher Investments, the $275 billion registered investment adviser that last week announced plans to sell a minority stake in its own company, has confirmed that it will spin off its Fisher 401(k) Solutions business into a new, standalone company to be called Fisher Retirement Solutions.
Nathan Fisher, senior vice president of 401(k) solutions and son of founder Ken Fisher, will serve as CEO of the new company. Fisher’s 401(k) business had $4.75 billion in assets under management as of June 21 and more than 100 employees, including advisors.
“Fisher Investments and Fisher Retirement Solutions will now be independent companies but will continue to have a friendly, collaborative and two-way relationship,” a Fisher spokesman said in a statement.
Fisher launched its 401(k) Solutions business in 2014 to focus on the underserved small and mid-size retirement plan market, and as of March 31, 2024, the business serves more than 1,600 small and mid-size plans.
Nathan Fisher joined his father’s company in 2005 and worked in a variety of departments including the 401(k) department as well as pension valuation, research and customer service. He earned his BA from the University of California, Davis and his MBA from the University of California, Los Angeles.
Last week, Fisher announced it was selling minority stakes in the company to a subsidiary of Advent International and the Abu Dhabi Investment Authority in a deal that values ​​the RIA at $12.75 billion. The company said the transaction is part of Ken Fisher’s estate planning and that Fisher Investments will continue to operate independently.
While that valuation may raise eyebrows in the wealth management industry, investment bankers active in the space agree that it’s probably a reasonable valuation given Fisher’s size, scale and organic growth rate.
