Ken Fisher made a serious investment when he moved his firm north from California to Washington seeking a friendlier business climate to house its rapid expansion.
Now, just years after settling into a scenic wooded campus in Camas, just across the river from Portland, Oregon, the billionaire money manager is again shifting the headquarters of Fisher Investments, this time south to a Dallas suburb.
The announcement came in a sarcastic statement late last week after the highest court in Washington state said a capital gains tax on the state's wealthiest residents is constitutional.
"In honor of the Washington State Supreme Court's wisdom and knowledge of the law, and in recognition of whatever it may do next, Fisher Investments is immediately moving its headquarters from Washington State to Texas," the firm said. It plans to complete the process by June 30.
Fisher founded his eponymous firm in 1979 and it now manages close to $200 billion in assets. He'll relocate its headquarters to Plano, a northern Dallas suburb, where the company already has more than 1,000 employees.
He's joining a well-worn path of other finance, tech and industrial giants who have recently moved to Texas, citing its friendly regulatory environment, zero income taxes and relatively affordable living costs.
Texas Wave
Charles Schwab Corp. moved its headquarters to the Dallas suburb of Westlake in 2021, while Elon Musk relocated Tesla Inc.'s headquarters to Austin. Last year, Caterpillar Inc. said it was shifting to Irving, Texas from Illinois.
And the region continues to attract Wall Street's biggest firms, with Goldman Sachs Group Inc. planning to expand its presence downtown Dallas with a new campus.
Like Texas, Washington doesn't have an income tax. But in 2021, the Democratic-led state legislature passed a bill that would impose a 7% tax on an individual's long-term capital gains exceeding $250,000.
