October 15, 2019
Specifically, the news outlet said, last week the State of Michigan pulled fully $600 million of its pension fund from wealth management firm Fisher Investments after the company’s founder and chairman, Ken Fisher, made boorish and sexually explicit comments during a fireside chat at the Tiburon CEO Summit, October 7-9 at the Ritz-Carlton Hotel in San Francisco.
In a letter obtained by the Post on October 10, Michigan Chief Investment Officer Jon Braeutigam informed the state’s investment board that its Bureau of Investments, housed under the state Treasury Department, had terminated its relationship with Fisher Investments because of CEO Ken Fisher’s “completely unacceptable comments.”
During a moderated keynote discussion on October 8. Fisher allegedly compared his wealth management strategy to picking up women for sex, according to summit attendees who recounted what they heard in interviews with The Washington Post.
He spoke of doing acid and his belief that charities are immoral. He also made crude comments about genitalia, attendees said, and mentioned financier Jeffrey Epstein, who was indicted on federal sex-trafficking charges earlier this year before dying by suicide in prison.
Despite a Tiburon policy that requires summit attendees to keep private what they hear and discuss there, three CEOs publicly shared their accounts of what Fisher said in the interest of exposing his behavior and holding the self-proclaimed “self-made multibillionaire” accountable.
Alex Chalekian, founder and chief executive of Lake Avenue Financial , came forward first, posting a video to Twitter hours after Fisher’s remarks. Chalekian called the fireside chat a “true debacle” and said Fisher’s words were “absolutely horrifying,” the Post reported.
Rachel Robasciotti, founder and CEO of wealth management firm Robasciotti and Philipson, and Sonya Dreizler, a speaker and consultant to financial services firms, publicly confirmed Chalekian’s account online and in media reports.
“When you have power and you get onstage to share your worldview, and when your worldview includes women as sexual objects … that is irresponsible,” Robasciotti said in an interview with The Washington Post. “You’re peddling your worldview, and people are adopting it.”
Amid the backlash, Fisher was initially defiant in an interview with Bloomberg, defending his remarks by saying he had “given a lot of talks, a lot of times, in a lot of places and said stuff like this and never gotten that type of response.” He also claimed attendees had mischaracterized what he said and were being unfair.
Fisher, 68, later issued a formal apology. He has been barred from attending future Tiburon summits.
Research contact: @washingtonpost