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June 17, 2024 at 04:45 PM
What You Need to Know
- The sale to Advent International and a unit of Abu Dhabi Investment Authority is expected to bring Fisher's net worth to $12.2 billion.
Finance billionaire Ken Fisher’s net worth is poised to rise by $7 billion following the sale of a minority stake in his investment adviser, Fisher Investments.
Private equity firm Advent International and a unit of Abu Dhabi Investment Authority are paying at least $2.5 billion and potentially as much as $3 billion for a stake that values the entire business at $12.75 billion, according to a statement Monday.
Fisher, 73, is founder and owner of Fisher Investments, which oversees $275 billion for more than 150,000 clients, primarily private investors in the U.S. The sale will catapult Fisher back onto the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people, with a net worth of about $12.2 billion after it closes. Fisher was last on the list in 2022 when the threshold for entering the ranking was lower.
“This transaction is aimed dually at estate tax and planning purposes while assuring that FI will maintain its traditional culture, growth evolution and devotion to exceptional client service,” Fisher said in the statement. “FI has been my life.”
Fisher will retain majority beneficial ownership and more than 70% of the voting shares following the sale, which is expected to be completed this year.
His current net worth of $5.2 billion is tied to a valuation of Fisher Investments that’s based on the average price-to-assets under management ratio of three publicly traded peers.
