Fisher Investments to Spin Off 401(k) Unit in July: Report

By John Manganaro

News June 26, 2024 at 01:38 PM

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Fisher Investments is in the process of spinning off its 401(k) unit into a stand-alone company, according to a report first published Monday by WealthManagement.com.

The company is expected to be operational by July 1, and it will be headed by Nathan Fisher, the son of Fisher Investments' founder, Ken Fisher.

A spokesperson for the firm confirmed that the existing Fisher 401(k) Solutions business will be a new, independent company, to be called Fisher Retirement Solutions.

"While Fisher Investments and Fisher Retirement Solutions will be independent companies moving forward, they will be friendly, cooperative and interactive," said Naj Srinivas, executive vice president of corporate communications at Fisher Investments.

The news comes a little more than a week after private equity firm Advent International and a unit of the Abu Dhabi Investment Authority announced plans to buy a minority stake in Fisher Investments worth as much as $3 billion.

The transaction values the closely held Fisher Investments at $12.75 billion, according to a statement published by the money management firm. It is expected to more than double the elder Fisher's fortune.

Pictured: Ken Fisher (Credit: Bloomberg)

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