Michigan pulls $600M from investor Ken Fisher after sexist comments
Summary
The State of Michigan is breaking ties with long-time financial adviser Fisher Investments over crude remarks its founder and CEO made at a conference. In a letter obtained and posted by CNBC, Michigan Chief Investment Officer Jon Braeutigam addressed BOI board members Thursday, writing that Fishers comments were "completely unacceptable." Alex Chalekian, founder of Pasadena, California-based Lake Avenue Financial, called Fishers fireside chat "a true debacle" in a video on Twitter hours after the incident. Tiburon addressed Fishers comments Thursday, with Managing Partner Charles "Chip" Roame writing in an open letter that he was "extremely disappointed." In addition, he wrote that the sexist remarks continue to create less inclusion in the wealth and investment management industry, and that he had worked hard to find women and minority CEOs for the summits 18-year history.