The investment committee of the $9.2 billion New Hampshire Retirement System, Concord, on Tuesday terminated Fisher Investments from management of a $239 million active core international equity portfolio.
The termination was in reaction to sexist statements made by Kenneth L. Fisher, founder and executive chairman of Fisher Investments, at a conference earlier this month.
In a statement, pension fund officials said Mr. Fisher's comments were "not only offensive and inappropriate, they are incompatible with the values of the retirement system and bring into question Mr. Fisher's judgment."
NEPC, the pension fund's investment consultant, recently issued a client recommendation to terminate Fisher, according to the statement.
The New Hampshire pension fund invested in the Fisher international equity strategy in 2001.
The assets redeemed from Fisher Investments will be evenly distributed among the four remaining international equity managers investing in developed markets: Artisan Partners, with current assets of $242 million; Causeway Capital Management, $204 million; LSV Asset Management, $211 million; and Walter Scott & Partners, $287 million.
Including the New Hampshire termination, Fisher Investments has lost at least $2 billion in redemptions since Mr. Fisher made his comments Oct. 8.
