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

Deets:

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 . . .

11 comments:

Anonymous said...

after the recent stock drop. They should be cautious about anybody managing that cash.

Anonymous said...

"As fiduciaries, we must act in the best interest of the system and our members". How about acting in the best interest of taxpayers and students for a change.

Anonymous said...

Hire Ricky Gervaise to come in and fix everything. Big improvement. No "woke" horseshit and the money might actually be safer.

Charlie Horse said...

Those loons can't even manage their $83.99 checking accounts.

Anonymous said...

The liberal thought police will not tolerate any politically incorrect comments.

Anonymous said...

"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..."

Screw "cultural respect and diversity." Are they competent? That's the only question to ask when retirement assets are concerned. This is money retirees will depend on the rest of their lives.

And, since this is written by an allegedly educated person, he or she might want to avoid splitting infinitives in the future.

Anonymous said...

Dropping this investment adviser solely on the basis of statements the trustees find objectionable would be a breach of fiduciary duty unless the subject is specifically addressed in the services contract.

Anonymous said...

While grammatical rules are important, few folks worry about splitting infinitives today. In fact, there are numerous articles arguing that avoiding the "split" often results in a more awkward construction.

Anonymous said...

7:09 Which recent stock drop are you referring to? The stock market is at historic highs, it has gained over 12,000 basis points since 2016 and is up over 200 pts. today. I'm not sure what market you are investing in that has dropped recently, but it's not one in the US.

Anonymous said...

Fisher...Epstein.. Weinstein... Oy Vey!

Anonymous said...

Watch what you say, or the #MeToo cunts will be on a rampage.