Wednesday, January 08, 2020
KANSAS CITY PUBLIC SCHOOL RETIREMENT SYSTEM SCOLDS MONEY MAN CONFRONTING #METOO DRAMA!!!
Thanks to THE VERY BEST AND BRIGHTEST TKC READERS and folks with way more connections that this broke-ass writer -- Our blog community reported a big money story overlooked by every other news outlet in Kansas City. And recently, it was clear that our conversation moved the dial.
Our TKC blog community made the connection to MILLIONS OF BUCKS manage by a dude under fire for allegedly scandalous comments.
The basics . . . When Ken Fisher was a speaker at a couple of popular conferences, he compared marketing mutual funds to propositioning a woman for sex at a bar.
Again, local media missed this deal worth MILLIONS given that Fisher Investments manages an $83 million international equity portfolio for KCPSRS, which has total assets of about $645 million.
The fallout . . .
Kansas City school pension fund puts Fisher Investments on watch
On Monday, the Kansas City Public School Retirement System's board of trustees voted to formally put the firm on watch in light of Mr. Fisher's comments, Ms. Gierer, executive director of the pension fund, said.
According to Ms. Gierer, the board sent a letter to Fisher Investments that stated: "Our fiduciary duty is to prudently invest the KCPSRS assets for the purpose of providing retirement benefits to our plan participants. As fiduciaries, we must act in the best interest of the system and our members. Following Mr. Fisher's recent public comments, we had to question whether the firm, Fisher Investments, has the cultural respect and diversity we look for when hiring investment managers . . ."
Developing . . .