Fisher Investments selects Advent International and ADIA as strategic partners in minority equity investment

Fisher Investments founder Ken Fisher Holds the majority Controlling interest

PLANO, Texas, June 16, 2024 /PRNewswire/ — Fisher Investments (“FI”) announced today that Advent International (“Advent”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) have agreed to make a minority investment IN Ken Fisher's namesake firm, Fisher Investments. The investment from Advent and ADIA of at least 2.5 billion dollars and up to 3 billion dollars evaluates FI in 12.75 billion dollars. After the closing, which is expected to happen at the end of this year, Ken Fisher will remain active in his current role as Executive Chairman of the FI and co-chief investment officer, and the management of the FI led by the CEO Damian Ornani will continue to run the company. The investment will not affect the FI's customers, employees or day-to-day operations. Completion of the transaction is subject to certain approvals and the satisfaction of other customary closing conditions.

The transaction was part of Ken Fisher's long-term estate planning and allows FI under the leadership of Damian Ornani the ability to continue operating as an independent private investment advisor, wealth and asset management firm. FI succeeds 275 billion dollars to over 150,000 clients globally, including 120,000 US private clients and 185 of the world's largest and most recognized institutional clients. Another distinguishing feature of FI is its significant international institutional and high net worth operations currently serving over 30,000 private clients in 16 countries and offices on four continents, with plans to continue expanding its global footprint. .

Ken Fisher, Founder and Executive Chairman of FI, will sell personal holdings in FI to funds managed by Advent and ADIA. For Advent and ADIA, the deal was an opportunity for a long-term investment in one of the world's largest investment advisors. Investors in Advent vehicles include Lunate Capital Limited managed funds, Mousse Partners and the largest long-term institutional FI client. of South Korea National Pension Service (NPS). This is the first outside investment in FI, with previous ownership of FI only between family and employees. After closing the transaction, Ken Fisher will hold a majority of beneficial ownership and voting shares of over 70%. No other investment transaction is foreseen in the FI. An investment in common stock does not include non-common stock options or preferences and involves voting in proportion to the investors' beneficial ownership. Upon closing, David MussaferThe Managing Partner at Advent will join the board of directors at FI.

Damian Ornani, for a long time BECOME A CEOsaid, “This transaction gives us independent runway with truly exceptional institutional investors who can bring us their wisdom, appreciate our unique culture and goals, and want us to continue to do what we've always done, more bigger and better, never pioneering yet solutions made to benefit our customers and employees.”

Ken Fisher said, “This transaction serves dual purposes for wealth tax and planning purposes, ensuring that FI will maintain its traditional culture, growth evolution and commitment to exceptional customer service. FI has been my life. While my health is excellent, this transaction with a Long Holding Period for a private equity transaction will ensure the independence and long-term private culture of the FI if something untoward happens to me and we will have the support of world-class partners who understand us operationally and culturally and appreciate what we are and will be.”

David MussaferManaging Partner at Advent said: “We are thrilled to be supporting one of the leading brands in financial services, trusted by its clients for its personalized approach to wealth management. Ken, Damian and the rest of the management team have built an exceptional organization over the past 45 years We are honored to partner with them in supporting FI's next phase of growth while maintaining the unique company culture that is the core of its success.

JP Morgan Securities LLC and RBC Capital Markets served as joint financial advisors and Paul Hastings served as legal counsel to FI in this transaction. Ropes & Gray served as legal counsel to Advent. Gibson Dunn served as legal counsel to ADIA.

About Fisher Investments
Founded in 1979, Fisher Investments is an independent, fee-only investment advisor. Fisher Investments and its affiliates manage 275 billion dollars in three main businesses Institutional, US Private Client and International Private Client. Founder and Executive Chairman Ken Fisher wrote Forbes' “Portfolio Strategy” column for 32 years until 2017, making him the longest-serving columnist in its history. He now writes monthly for the New York Post and discrete unique native-language columns, varying by country, in 25 major nations, spanning more countries and greater volume than any other columnist of any kind in history. Ken has appeared regularly on major television news outlets such as Fox Business and News, BBN Bloomberg and CNN International. Ken has written 11 books on investing and finance, including four New York Times best sellers. For more information, visit www.fisherinvestments.com.

About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 420 private equity investments in 43 countries, and so far December 31, 2023HAD 94 billion dollars in assets under management.* With 15 offices in 12 countries, Advent has built a globally integrated team of over 300 private equity investment professionals across North America, Europe, Latin AmericaAND Asia. The firm focuses on investments in five key sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investments and remains committed to partnering with management teams to deliver sustainable revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
* Assets under management include assets attributable to Advent advisory clients, as well as employee and third-party co-investment vehicles.

About the Abu Dhabi Investment Authority
Established in 1976, the Abu Dhabi Investment Authority (“ADIA”) is a globally diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi city through a strategy focused on long-term value creation. For more information, visit www.adia.ae.

Media contacts:
For Fisher Investments
Leave it to Srinivas
Executive Vice President, Corporate Communications
[email protected]

For Advent International
Leslie Shribman
Head of Communication
[email protected]

For ADIA
Garry Nickson
ADIA Corporate Communications & Public Affairs
[email protected]

SOURCE Fisher Investments