Fisher Investments Founder Ken Fisher Maintaining the majority Control
Plano, Texas, June 16, 2024 April 18, 2019 /PRNewswire/ — Fisher Investments (“FI”) today announced that Advent International (“Advent”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) have Ken Fisher’s The company, which bears the Fisher Investments name, is the largest investor in the United States, with at least 10,000 shares held by Advent and ADIA. $2.5 billion And maximum $3 billion FI value $12.75 billionFollowing the closing of the transaction, which is expected later this year, Ken Fisher He will remain in his current roles as FI’s Chairman of the Board and Co-Chief Investment Officer and will be involved in the management of FI under the CEO’s leadership. Damien Ornani The company will continue to grow in the future. The investment will have no impact on FI’s clients, employees or day-to-day operations. Completion of the transaction is subject to certain approvals and satisfaction of other customary closing conditions.
This transaction is Ken Fisher’s With a long-term wealth plan in place, and under Damian Ornani’s leadership, FI will be able to continue operating as an independent, privately held investment advisory and asset management firm. $275 billion FI serves over 150,000 clients worldwide, including 120,000 U.S. retail clients and 185 of the world’s largest and best-known institutional clients. Another distinctive feature of FI is its strong international institutional and high-net-worth business. Currently, FI has offices on four continents, serves over 30,000 retail clients in 16 countries, and plans to continue expanding its global reach.
Ken Fisher, founder and chairman of FI, is selling his personal shares in FI to funds managed by Advent and ADIA. For Advent and ADIA, the transaction represents a long-term investment opportunity in the world’s largest investment advisory firm. Advent’s investment firms include funds managed by Lunate Capital Limited, Moose Partners, and FI’s largest long-time institutional investor, Korean National Pension Service (NPS). This is the first external investment in FI, where ownership has previously been limited to family and employees. After the transaction was completed, Ken Fisher The Company will hold a majority beneficial ownership and over 70% of the voting stock. No further FI investment transactions are planned. The investment in the common stock will not include any options or non-common stock preferences and will include pro rata voting power relative to the investor’s beneficial ownership. Following the closing of the transaction, David MusafarAdvent’s managing partner will join FI’s board of directors.
Damian Ornani, for many years CEO of FI“This transaction allows us to forge an arm’s-length relationship with a truly exceptional institutional investor who brings wisdom to our company, values ​​our unique culture and purpose, and wants us to continue doing what we’ve always done, even bigger and better, pioneering novel solutions that benefit our clients and employees.”
Ken Fisher “This transaction targets both estate tax and planning purposes, while ensuring FI maintains its traditional culture, evolution of growth and dedication to exceptional client service. FI is my life. I am in good health, but this transaction, with an unusually long holding period for a private equity transaction, ensures FI’s long-term private independence and culture in the event of my adverse event. I also have the support of a world-class partner who understands us operationally and culturally, and appreciates where we are and where we want to be.”
David MusafarAdvent Managing Partner Ken McGillie said, “We are pleased to back one of the leading brands in financial services whose clients trust their personalized approach to wealth management. Ken, Damian and the rest of the executive team have built a great organization over the past 45 years, and we are honored to partner with them to support the company’s next stage of growth while maintaining the company’s unique culture that is at the core of FI’s success.”
J.P. Morgan Securities and RBC Capital Markets acted as joint financial advisors to the company. Paul Hastings FI acted as legal counsel in the transaction. Ropes & Gray acted as legal counsel to Advent. Gibson Dunn acted as legal counsel to ADIA.
About Fisher Investments
Fisher Investments is an independent, fee-only investment advisory firm founded in 1979. Fisher Investments and its subsidiaries: $275 billion He oversees three main businesses: Institutional Investors, U.S. Private Clients and Private Client International. Founder and Executive Chairman Ken Fisher Until 2017, he wrote the “Portfolio Strategies” column for Forbes for 32.5 years, making him the longest serving columnist in the magazine’s history. He currently writes monthly for the New York Post, writing original columns in 25 major countries, each in a different native language, more than any other columnist in history. He appears regularly on major television news outlets, including Fox Business and News, BBN Bloomberg, and CNN International. He has written 11 books on investing and finance, four of which have been published in Forbes. The New York Times Best Seller. For more information, Fisher Investments.
About Advent International
Founded in 1984, Advent International is one of the world’s largest and most experienced private equity investors. The firm has made 420 private equity investments in 43 countries. December 31, 2023had $94 billion With assets under management spanning 15 locations across 12 countries, Advent has established a globally integrated team of over 300 private equity investment professionals around the world. North America, Europe, latin americaand AsiaThe firm focuses on investing in five key sectors: Business & Financial Services, Healthcare, Industrial, Retail, Consumer & Leisure, and Technology. For 40 years, Advent has been dedicated to international investing and is committed to partnering with management teams to achieve sustainable revenue and profit growth for its portfolio companies.
For more information,
Website: Advent International
LinkedIn: www.linkedin.com/company/advent-international
* Assets under management include assets attributable to Advent’s advisory clients and employees and third-party co-investment vehicles.
About Abu Dhabi Investment Authority
Founded in 1976, the Abu Dhabi Investment Authority (ADIA) is a globally diversified investment institution that invests funds prudently on behalf of the Government of Abu Dhabi. Abu Dhabi Through strategies focused on long-term value creation. www.adia.ae.
Media Contact:
Fisher Investments
Naji Srinivas
Executive Vice President, Corporate Communications
[email protected]
Advent International
Leslie Shribman
Communications Director
[email protected]
For ADIA
Gary Nickson
ADIA Corporate Communications & Public Relations
[email protected]
Source: Fisher Investments
