Plano-based Fisher Investments announced that Advent International and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have completed a previously announced minority investment in Fisher Investments. The $3 billion common stock investment by Advent and ADIA values Fisher at $12.75 billion, the firm said.
The transaction, first announced in June, was part of founder Ken Fisher’s long-term estate planning and “ensures the firm’s long-term private independence, culture, growth evolution, and devotion to exceptional client service,” Fisher Investments said.
“While my health is excellent, this transaction is aimed dually at long-term estate tax and planning purposes should anything untoward happen to me. Advent and ADIA are truly exceptional partners who value us operationally and culturally and are committed to preserving what differentiates FI in our industry,” Ken Fisher said in a statement. He remains in his current role as FI’s executive chairman and co-chief investment officer and retains a majority of beneficial ownership and over 70% of voting shares in the firm.
Fisher Investments, which moved its headquarters to Plano from Washington State in 2023, said that CEO Damian Ornani continues to drive its day-to-day operations and business strategy. In connection with the investment, David Mussafer, a managing partner at Advent, has joined the board of directors at Fisher Investments, and Gabriela Weiss, a principal at Advent, has joined as a board observer at the firm.
FI’s first outside investment will support growth
As of December 31, Fisher Investments managed nearly $300 billion for over 170,000 clients globally, including over 130,000 U.S. private clients and 200 of the world’s largest and most well-known institutional clients. Fisher said that this is its first outside investment, with previous ownership solely among family and employees.
“We welcome Advent and ADIA’s support of our mission to help more new clients around the world,” Ornani said in a statement.
“We’re thrilled to cement Advent’s partnership with FI at a moment when there is a growing need for the smart, independent and personalized financial expertise that FI is recognized for providing for 45 years,” Mussafer said. “We look forward to closely collaborating with Ken, Damian and the rest of the FI team to support the company’s continued growth, drawing on Advent’s deep expertise in helping financial services companies best capitalize on the opportunities ahead.”
J.P. Morgan Securities and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal advisor to Fisher Investments. Ropes & Gray served as legal advisor to Advent. Gibson Dunn served as legal advisor to ADIA.
Founded in 1979, Fisher Investments is an independent, fee-only investment adviser.
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