By Tim McLaughlin and Ross Kerber
BOSTON (Reuters) – SEI Investments Co on Friday said it was reviewing its business relationship with the firm of money manager Kenneth Fisher, after he allegedly made insensitive remarks about women at a recent investment conference.
SEI serves as a trustee and sponsor on investment portfolios managed by Fisher for dozens of retirement plans that have included Becton Dickinson (NYSE:) and Co, Blue Cross Blue Shield of Minnesota and Nextera Energy Inc, according to U.S. Department of Labor disclosures.
“The comments made do not reflect SEI or our core values,” the company said in a statement. “As the trustee of certain trusts advised by (Fisher), our fiduciary duty requires us to focus on and protect the interests of the investors in those trusts. We are engaged in a due diligence review of (Fisher) and will make decisions that we believe to be in the best interests of investors after that process concludes.”
Pension plans in Boston, Michigan and Philadelphia already have said they will pull about $900 million from Fisher’s firm since his remarks last week came to light. Several other clients of Fisher, including Fidelity Investments, have said they are reviewing whether to keep his firm as a money manager. [L2N272166]
The Kansas City Public School Retirement System, which has $78 million with Fisher Investments, will also review its relationship with the firm, Executive Director Christine Gierer said on Friday.
Although Fisher has apologized, Gierer said she expects the situation will be discussed at the system’s next board meeting, on Nov. 4.
Fisher Investments declined to comment.
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