Fisher Investments' Founder Ken Fisher Maintains Majority Controlling Interest

PLANO, Texas, June 16, 2024 -- 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.

Damian Ornani, longtime FI CEO, said, "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 said, "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 at Advent said, "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."

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.

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. For more information, visit www.fisherinvestments.com.

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.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

* Assets under management include assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

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. For more information, visit www.adia.ae.

Media Contacts:

For Fisher Investments

Naj Srinivas

Executive Vice President, Corporate Communications

n.srinivas@fi.com

For Advent International

Leslie Shribman

Head of Communications

lshribman@adventinternational.com 

For ADIA

Garry Nickson

ADIA Corporate Communications & Public Affairs

garry.nickson@adia.ae

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