Fisher Investments Selects Advent International and ADIA as Strategic Partners in $3 Billion Minority Stock Investment
Fisher Investments has announced a substantial minority investment from Advent International and the Abu Dhabi Investment Authority (ADIA), valuing the company at $12.75 billion. The investment, ranging from $2.5 billion to $3 billion, is poised to strengthen Fisher Investments' future expansion.
Ken Fisher Maintains Majority Controlling Interest
Founder and Executive Chairman Ken Fisher will maintain his majority controlling interest, ensuring the firm's continuity and culture. The investment transaction, part of Fisher's long-term estate planning, allows Fisher Investments (FI) to continue its operations as an independent, privately-held investment adviser.
Key Players and Details of the Transaction
- Ken Fisher will sell personal holdings in FI to Advent-managed funds and ADIA.
- CEO Damian Ornani will lead FI's management team, continuing to drive the company’s growth.
- The investment is expected to close later this year, pending regulatory approvals and customary closing conditions.
- David Mussafer, Managing Partner at Advent, will join Fisher Investments' board of directors.
Global Footprint and Expansion Plans
Fisher Investments manages over $275 billion for more than 150,000 clients globally, including:
- 120,000 U.S. private clients
- 185 institutional clients
Furthermore, FI boasts a substantial international institutional and high net worth operations, spanning 30,000 private clients across 16 countries with offices on four continents. There are ongoing plans to expand this global footprint.
Strategic Partners' Vision and Commitment
“This transaction gives us the independent runway with exceptional institutional investors who understand and value our culture and goals,” said Damian Ornani. “We are committed to pioneering new solutions to benefit our clients and employees.”
Ken Fisher emphasized the dual aims of estate tax planning and maintaining FI's traditional culture: “While my health is excellent, this transaction ensures FI's long-term private independence and culture, should anything happen to me.”
David Mussafer of Advent expressed enthusiasm: “We are excited to back one of the top brands in financial services. Ken, Damian, and the rest of the management team have built a tremendous organization. We're honored to support FI's next phase of growth.”
Financial and Legal Advisory
- J.P. Morgan Securities LLC and RBC Capital Markets served as joint financial advisors.
- Paul Hastings, Ropes & Gray, and Gibson Dunn provided legal advisory services.
The investment in common shares involves neither options nor non-common stock preferences, ensuring proportional voting rights that reflect the investors' beneficial ownership.
This landmark transaction marks the first external investment in Fisher Investments, historically held solely by family and employees, and sets the stage for a new chapter of growth and innovation under the esteemed leadership of Ken Fisher and his dedicated team.
