RIA giant Fisher Investments (FI) has agreed to sell a minority stake in itself to private equity firm Advent International and the Abu Dhabi Investment Authority (ADIA) in a transaction that values the wealth manager at $12.75bn.
FI said Sunday that Advent and ADIA will invest between $2.5bn and $3bn in the RIA. FI executive chairman and co-CIO Ken Fisher will remain the Plano, Texas company’s majority owner and retain more than 70% of its voting shares.
‘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. FI has been my life,’ Fisher stated. ‘While my health is excellent, this transaction with an atypically long holding period for a private equity transaction will ensure FI’s long-term private independence and culture should anything untoward happen to me.’