The $34 billion Iowa Public Employees' Retirement System, Des Moines, terminated Fisher Investments on Friday from a $386 million actively managed U.S. equity portfolio, said Shawna Lode, a spokeswoman for the pension plan, in a statement.

The fund's investment staff reviewed the recent sexist comments Kenneth L. Fisher, the firm's executive chairman and co-chief investment officer, made at a conference earlier this month.

Ms. Lode said the opinion of the fund's investment officers was that "Mr. Fisher's comments have damaged the credibility of the firm and its leadership. As a result, the risk to IPERS is that the firm could lose investment talent and/or it may be unable to recruit high-caliber talent in the future."

She added that the fund's investment team also is concerned that the negative publicity resulting from Mr. Fisher's actions "will probably continue to be a major distraction to Fisher investment personnel."

She added that IPERS is considering transition options, including a search for a manager to take over management of the portfolio.

Ms. Lode did not provide more details on the strategy Fisher Investments managed.

Visit link:
Iowa becomes latest pension fund to cut ties with Fisher Investments - Pensions & Investments