The news comes just over a week after Ken Fisher’s RIA said it had sold $3 billion worth of stock.
Fisher Investments is in the process of spinning off its 401(k) division into a standalone company, according to a report first published by Barron’s on Wednesday.
The company is expected to begin operations by July 1 and will be led by Nathan Fisher, son of Fisher Investments founder Ken Fisher.
A company spokesman confirmed that the existing Fisher 401(k) Solutions business will become a new, standalone company called Fisher Retirement Solutions.
“While Fisher Investments and Fisher Retirement Solutions will now be independent companies, we expect to have a friendly, collaborative and two-way relationship,” said Naji Srinivas, executive vice president of corporate communications for Fisher Investments.
The news comes just over a week after private equity firm Advent International and a unit of the Abu Dhabi Investment Authority announced plans to buy a minority stake in Fisher Investments worth $3 billion.
The deal values ​​the asset manager’s privately held assets at $12.75 billion, according to a statement from the firm, and is expected to more than double Fisher’s wealth.
Photo: Ken Fisher (Photo courtesy of Bloomberg)
