The bleeding at Ken Fisher's namesake firm shows no signs of stopping, as the contagion of virtue signalling via meaningless gestures continues to infect the conscious of "politically correct" portfolio managers at various funds across the nation.
Redemptions at Fisher Investments have now blown past the $3 billion mark in a matter of just two weeks, according to CNBC.
The latest to cut bait is the Employees Retirement System of Texas, who announced on Friday that it was going to pull $350 million from the asset manager.
Mary Jane Wardlow, a spokeswoman for the pension system, said: “Texas ERS has completed its due diligence. With respect to our fiduciary duty, we are defunding Fisher Investments, which had served as an external manager in the international equities portfolio with $350 million [as of Sept. 30] under management.”
We also reported on Friday that both the city of Los Angeles and Goldman Sachs had joined the ranks of Fidelity, the Michigan Retirement Fund, the Iowa Public Employees Retirement System, the New Hampshire Retirement System and the Philadelphia Board of Pensions in pulling their money out of Fisher's firm.
The LA pension board called a special meeting on Thursday to discuss their contract with Fisher and L.A. pension commissioner Brian Pendleton said at the time: "Fisher’s words reach millions and only do damage. Other pension funds are going to come to the same conclusion and we shouldn’t be the last ones to turn the lights off."
AHHHHHHH Fisher managed $600 million in retirement funds for Michigan and the state's exit ends a 15 year relationship with Fisher's firm.
Boston Mayor Martin Walsh said at the time: “Boston will not invest in companies led by people who treat women like commodities. Reports of Ken Fisher’s comments and poor judgment are incredibly disturbing.”
http://www.zerohedge.com/markets/fisher-investment-withdrawals-blow-past-3-billion?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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