– Fisher Investments (“FI”) announced the completion of a minority investment by Advent International (“Advent”) and the Abu Dhabi Investment Authority (“ADIA”).
– Advent and ADIA invested $3 billion in FI common stock, valuing the firm at $12.75 billion.
– The investment aligns with Ken Fisher’s long-term estate planning and ensures FI’s private independence, culture, growth evolution, and commitment to exceptional client service.
– Ken Fisher retains majority beneficial ownership and over 70% of FI’s voting shares, remaining active as Executive Chairman and Co-Chief Investment Officer.
– FI CEO Damian Ornani continues leading day-to-day operations and business strategy.
– David Mussafer, Managing Partner at Advent, joins FI’s board of directors, and Gabriela Weiss, Principal at Advent, becomes a board observer.
– As of December 31, 2024, FI managed nearly $300 billion for over 170,000 global clients, including over 130,000 U.S. private clients and 200 leading institutional clients.
– This is FI’s first external investment; previous ownership was exclusively family and employees. No additional investment transactions are planned.
– The investment includes proportional voting rights aligned with the investors’ ownership and does not involve options or non-common stock preferences.
– Ken Fisher emphasized the transaction’s purpose for estate tax and planning, adding that Advent and ADIA align with FI’s operational and cultural values.
– Damian Ornani welcomed Advent and ADIA’s support for FI’s global mission.
– David Mussafer highlighted the partnership’s potential to foster FI’s continued growth and capitalize on financial services opportunities.
– J.P. Morgan Securities LLC and RBC Capital Markets acted as joint financial advisors to FI, with Paul Hastings as FI’s legal advisor.
– Ropes & Gray LLP advised Advent, and Gibson Dunn advised ADIA.
