Private-equity firm Advent International is reportedly in discussions to acquire wealth management firm Fisher Investments, as reported by The Wall Street Journal. However, Fisher Investments quickly responded to the news, calling it mere “rumors” in a press release issued shortly after the Journal’s story was published.
Fisher Investments Denies Acquisition Claims
In an attempt to set the record straight, Fisher Investments clarified that they are not being purchased by Advent International or any other entity. Their statement was clear and concise: “Fisher Investments is not being bought by Advent International, or anyone else—plain and simple.” With this straightforward denial, Fisher Investments aims to put an end to any speculation surrounding a potential acquisition.
Advent International Also Responds
Advent International, in response to the rumors, promptly released a statement affirming that they are not buying Fisher Investments. However, they chose not to elaborate further on the matter.
No Further Comments from Both Sides
Unfortunately, further insight into the situation was not provided by Fisher Investments or Advent International. When asked for additional comments, a spokesman for Fisher Investments remained silent. Similarly, a spokeswoman for Advent International declined to offer any further information.
Neutral Stance from Dow Jones
It’s worth noting that both The Wall Street Journal and Fisher Investments are owned by Dow Jones. However, when approached for comment, a spokesperson for Dow Jones refrained from making any statements, maintaining a neutral stance.
Background on Fisher Investments
With a staggering $236 billion worth of global assets under its management, Fisher Investments is one of the largest registered investment advisory firms in the United States. The company caters to a diverse clientele, including individual investors, institutional investors, and 401(k) plans.
A Legacy in Wealth Management
Founded in 1979 by Ken Fisher, the firm has made a name for itself through its ubiquitous advertisements. Although Fisher stepped down as CEO in 2016, he remains an integral part of the company as executive chairman and co-chief investment officer. As a proud owner, he continues to shape the direction of the firm.
Recognizing the changing landscape, Fisher Investments made the decision to relocate its headquarters from Camas, Washington to Plano, Texas. This move came as a response to the implementation of a capital gains tax for affluent investors in Washington.
Keeping up with the trend, private-equity firms have also recognized the value of wealth management. This has prompted them to make strategic moves by acquiring stakes in or purchasing independent broker-dealers and registered investment advisory firms. One notable example is Carlyle’s acquisition of a minority stake in Captrust Financial Advisors, a company managing over $832 billion in assets.
Advent is no stranger to diversifying its investment portfolio. Alongside financial services, Advent invests in three other sectors: health care, industrial, and retail. They have also identified opportunities in consumer and leisure, as well as technology.
In an effort to expand their presence in wealth and asset management, Advent recently welcomed Tricia Rothschild as an operating partner. With her extensive experience as a former Morningstar executive, Rothschild brings valuable insights and expertise to help identify potential investments.
Established in 1984 and headquartered in Boston, Advent manages an impressive $92 billion in assets as of June 30, 2023. With their rich history and commitment to staying ahead of the curve, Advent continues to thrive in the ever-evolving world of wealth management.