Fisher Investments
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$94 Billion Private Equity Firm Advent International & Abu Dhabi Investment Authority ADIA to Buy $265 Billion Wealth Management Firm Fisher Investments for $2.5 Billion to $3 Billion at $12.75 Billion Valuation, Fisher Investments Founded by Ken Fisher in 1979, Billionaire Ken Fisher Fortune to Increase by $7 Billion after Selling His Minority Stake, Transaction is Part of Ken Fisher Long-Term Estate & Succession Planning

20th June 2024 | Hong Kong

Leading private equity firm Advent International ($94 billion AUM) & sovereign wealth fund Abu Dhabi Investment Authority (ADIA)’s subsidiary have announced to buy leading wealth management & investment advisory firm Fisher Investments ($265 billion AUM & AuA) for $2.5 billion to $3 billion at $12.75 billion valuation.  Fisher Investments was founded by Ken Fisher in 1979, and billionaire founder Ken Fisher fortune will increase by $7 billion after selling his minority stake.  The transaction is part of Ken Fisher long-term estate & succession planning.  Announcement (16/6/24): “Fisher Investments (“FI”) announced today that Advent International (“Advent”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) have agreed to make a minority investment in Ken Fisher’s namesake firm, Fisher Investments. The investment by Advent and ADIA of at least $2.5 billion and up to $3 billion values FI at $12.75 billion. Following closing, which is expected to occur later this year, Ken Fisher will remain active in his current role as FI’s Executive Chairman and Co-Chief Investment Officer, and FI management led by CEO Damian Ornani will continue to drive the company. The investment will not impact FI’s clients, employees or day-to-day operations. Completion of the transaction is subject to certain approvals and the satisfaction of other customary closing conditions.  The transaction was part of Ken Fisher’s long-term estate planning and allows FI under the leadership of Damian Ornani the ability to continue operating as an independent privately held investment adviser, wealth and asset management firm. FI manages over $275 billion for over 150,000 clients globally, including 120,000 US private clients and 185 of the world’s largest and most well-known institutional clients. An additional distinguishing feature of FI is its substantial international institutional and high net worth operations—currently serving over 30,000 private clients across 16 countries and offices on four continents, with plans to continue expanding its global footprint.  Ken Fisher, the Founder and Executive Chairman of FI, will sell personal holdings in FI to Advent-managed funds and ADIA. For Advent and ADIA, the deal was an opportunity for a long-term investment in one of the world’s largest investment advisers. Investors in the Advent vehicles include Lunate Capital Limited managed funds, Mousse Partners, and FI’s longtime largest institutional client, South Korea’s National Pension Service (NPS). This is the first outside investment in FI, with previous FI ownership solely among family and employees. After the transaction closes, Ken Fisher will retain a majority of beneficial ownership and of voting shares exceeding 70%. There is no further FI investment transaction contemplated. The investment in common shares includes neither options nor non-common stock preferences and includes proportional voting to the investors’ beneficial ownership. Upon closing, David Mussafer, Managing Partner at Advent will join the board of directors at FI.  J.P. Morgan Securities LLC and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal advisor to FI in this transaction. Ropes & Gray served as legal advisor to Advent. Gibson Dunn served as legal advisor to ADIA.”

“ $94 Billion Private Equity Firm Advent International & Abu Dhabi Investment Authority ADIA to Buy $265 Billion Wealth Management Firm Fisher Investments for $2.5 Billion to $3 Billion at $12.75 Billion Valuation, Fisher Investments Founded by Ken Fisher in 1979, Billionaire Ken Fisher Fortune to Increase by $7 Billion after Selling His Minority Stake, Transaction is Part of Ken Fisher Long-Term Estate & Succession Planning “

 



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Damian Ornani CEO Letter: “ I’m proud to share that Fisher Investments (“FI”) selected Advent International (“Advent”) and the Abu Dhabi Investment Authority (“ADIA”) as minority investment partners in our company. Following the transaction, FI’s Founder, Executive Chairman and Co-Chief Investment Officer, Ken Fisher, will maintain his majority controlling interest and will remain active in his current roles. Likewise, FI’s long-tenured leadership team—myself included—will continue to drive and manage the company. As a result, this investment will not impact FI’s clients, employees or day-to-day operations.

  • Ken shared this quote that provides great context: “This transaction is aimed dually at estate tax and planning purposes while assuring that FI will maintain its traditional culture, growth evolution and devotion to exceptional client service. FI has been my life. While my health is excellent, this transaction with an atypically long holding period for a private equity transaction will ensure FI’s long-term private independence and culture should anything untoward happen to me. And, we will have the support of world-class partners who understand us operationally and culturally, and value what we are and will be.”
  • Over the past 45 years, FI has grown from a small sole proprietorship into what is, by most accounts, one of the world’s largest pure ’40 Act Advisers. This transaction enables us to continue in our mission to help more clients and better the investment universe in near perpetuity.
  • Thank you to our 150,000+ clients globally who entrust us with their investments. And thank you for reading this note, and for your interest in Fisher Investments.

 

 

Damian Ornani, longtime FI CEO: “This transaction gives us the independent runway with truly exceptional institutional investors who can bring us their wisdom, value our unique culture and goals, and want us to keep doing what we’ve always done, bigger and better, while pioneering never yet done solutions to benefit our clients and employees.”

Ken Fisher: ”This transaction is aimed dually at estate tax and planning purposes while assuring that FI will maintain its traditional culture, growth evolution and devotion to exceptional client service. FI has been my life. While my health is excellent, this transaction with an atypically long holding period for a private equity transaction will ensure FI’s long-term private independence and culture should anything untoward happen to me. And, we will have the support of world class partners who understand us operationally and culturally, and value what we are and will be.”

David Mussafer, Managing Partner Advent: “We are excited to be backing one of the top brands in financial services that is trusted by its clients for its personalized approach towards wealth management. Ken, Damian, and the rest of the management team have built a tremendous organization over the past 45 years. We’re honored to partner with them in supporting FI’s next phase of growth while upholding the company’s unique culture that is core to its success.”

 

 

Ken Fisher, Executive Chairman, CEO & Co-Chief Investment Officer of Fisher Investments
Ken Fisher founded Fisher Investments in 1979, which is now a $265 billion investment adviser and money management firm serving large institutions, high net worth individuals and small business retirement plans globally. By most standards, it is the world’s largest pure ‘40 Act Investment Adviser. He was CEO for 37 years and now serves as Executive Chairman and Co-Chief Investment Officer.

About Fisher Investments
Founded in 1979, Fisher Investments is an independent, fee-only investment adviser. Fisher Investments and its subsidiaries manage over $275 billion across three principal businesses—Institutional, US Private Client, and Private Client International. Founder and Executive Chairman Ken Fisher wrote the Forbes “Portfolio Strategy” column for 32 ½ years until 2017, making him the longest running columnist in its history. He now writes monthly for the New York Post and discreet unique columns in native language, varying by country, in 25 major nations, spanning more countries and more total volume than any other columnist of any type in history. Ken has appeared regularly on major TV news like Fox Business and News, BBN Bloomberg and CNN International. Ken has written 11 investing and finance books, including four New York Times bestsellers.

About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 420 private equity investments across 43 countries, and as of December 31, 2023, had $94 billion in assets under management.* With 15 offices in 12 countries, Advent has established a globally integrated team of over 300 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

About Abu Dhabi Investment Authority
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

 

 

$94 Billion Private Equity Firm Advent International & Abu Dhabi Investment Authority ADIA to Buy $265 Billion Wealth Management Firm Fisher Investments for $2.5 Billion to $3 Billion at $12.75 Billion Valuation, Fisher Investments Founded by Ken Fisher in 1979, Billionaire Ken Fisher Fortune to Increase by $7 Billion after Selling His Minority Stake, Transaction is Part of Ken Fisher Long-Term Estate & Succession Planning

Fisher Investments



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