Fisher Investments has officially refuted a recent Wall Street Journal article claiming the firm was in negotiations with private equity entity Advent International for a potential sale.
his denial was articulated through a press release following the publication of the Journal's story, emphasizing the baseless nature of these claims, categorizing them as mere rumors.
The company's clear statement reads, "Fisher Investments is not on the verge of acquisition by Advent International or any other entity - the situation is straightforward and unambiguous." Furthermore, a representative for Advent International corroborated this stance, confirming that Advent is not in the process of purchasing Fisher Investments and declined to elaborate further.
Fisher Investments, a prominent player in the United States' registered investment advisory landscape, manages a formidable $236 billion in global assets. The firm's clientele encompasses individual investors, institutional investors, and 401(k) plans. Established in 1979 by Ken Fisher, the firm has gained recognition for its widespread advertising campaigns.
Although Fisher relinquished his CEO role in 2016, he continues to significantly influence the company as the executive chairman, co-chief investment officer, and an owner. In response to Washington's implementation of a capital gains tax targeting affluent investors, Fisher Investments recently relocated its headquarters from Camas, Washington, to Plano, Texas.
The wealth management sector has recently seen a surge in interest from private equity firms, attracted by the industry's consistent revenue potential. These firms have been actively acquiring stakes in or outright purchasing independent broker-dealers and registered investment advisory entities. A notable instance is Carlyle's acquisition of a minority share in Captrust Financial Advisors in September, a firm managing over $832 billion in both discretionary and non-discretionary assets.
Advent International, which focuses on investments in financial services among other sectors like healthcare, industrial, retail, consumer and leisure, and technology, has been expanding its footprint in the wealth and asset management domain. The Boston-based firm, established in 1984 and managing $92 billion in assets as of mid-2023, brought on board former Morningstar executive Tricia Rothschild as an operating partner last November to spearhead new investment ventures in the wealth and asset management sectors.
