Fisher Investments Nears Deal With Advent
Private-equity investor plans to take minority stake in firm known for its ubiquitous advertisements
Advent International is nearing a deal to acquire a minority stake in money-management firm Fisher Investments.
The details
A deal valuing Fisher at nearly $13 billion could be unveiled by Monday, according to people familiar with the matter, assuming there isn’t a last-minute hitch.
The Wall Street Journal reported earlier this year that Advent was in talks to acquire Fisher. In response to the story, Fisher said the company “is not being bought by Advent International, or anyone else.”
The context
Fisher manages more than $275 billion for more than 150,000 clients around the world, including 120,000 U.S. private clients.
The firm manages money for pension funds, governments and college endowments, and has a sizable 401(k)-advisory business. Billionaire Ken Fisher founded the firm, known for its ubiquitous advertisements, in 1979.
The rationale
For Advent, the deal would add to its roster of investments in the financial-services sector.
Last year, the firm appointed Tricia Rothschild as an operating partner focused on new investments in wealth and asset management. Rothschild previously spent more than 25 years at Morningstar.
In April, Advent agreed to buy Canadian payments processor Nuvei in a deal valued at about $6 billion including debt.
The private-equity firm amassed some $25 billion in 2022 for its latest buyout fund. Private-equity M&A is on the upswing compared with a quiet 2023 as firms grapple with challenges including elevated interest rates.