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Advent International has agreed to buy a minority stake in money manager Fisher Investments, the companies announced Sunday.
Advent and the Abu Dhabi Investment Authority agreed to invest between $2.5 billion and $3 billion in a deal that values Fisher at about $13 billion.
“This transaction is dually intended for estate tax and planning purposes while ensuring that FI will maintain its traditional culture and develop growth and dedication to exceptional client service,” said Ken Fisher, the firm's founder. a permit. “This deal with an unusually long holding period for a private equity deal will ensure the long-term independence and private sector culture of the financial institution.”
The deal marks the first outside investment in Fisher, whose previous ownership was limited to family and employees. Fisher himself will retain ownership in excess of 70%.
Fisher oversees more than $275 billion for more than 150,000 clients worldwide, including 120,000 private clients in the United States. The firm manages investments for pensions, governments and university endowments. It also has important 401(k) advice.
Advent agreed in April to buy Nuvei, a Canadian payment processing company, in a deal valued at about $6 billion including debt.