Fisher Investments, a $275 billion registered investment adviser that announced plans last week for it sell a small stake in the firm, will spin off its Fisher 401(k) Solutions business into a new, independent company, the firm confirmed. The new entity will be called Fisher Retirement Solutions.
Nathan Fisher, senior executive vice president of 401(k) solutions and son of founder Ken Fisher, will serve as CEO of the new company. Fisher's 401(k) business has $4.75 billion in assets under management and over 100 employees, including advisors, as of June 21.
“While Fisher Investments and Fisher Retirement Solutions will be independent companies moving forward, they will be friendly, collaborative and interactive,” a Fisher spokesperson said in a statement.
Fisher created his 401(k) Solutions business in 2014 to focus on the underserved small to midsize retirement plan market. As of March 31, 2024, the business served over 1,600 small and medium plans.
Nathan Fisher joined his father's firm in 2005 serving in a variety of departments in addition to the 401(k) unit, including retirement valuation, research and client services. He received an undergraduate degree from the University of California, Davis, and an MBA from the University of California, Los Angeles.
Just last week, Fisher announced that he would sell a small stake in the firm Advent International and a subsidiary of the Abu Dhabi Investment Authority in a deal that values the RIA at $12.75 billion. The deal is part of Ken Fisher's estate planning, according to the company, and will allow Fisher Investments to continue to operate independently.
And while this assessment may raise eyebrows in the wealth management industry, active investment bankers in the space agree is likely a fair valuation for a firm of Fisher's size, scale and organic growth rate.