SEXIST REMARKS COST EXPERT $1B IN LOST BUSINESS

NEW YORK—THE #Metoo movement recently reached dramatically into the world of high finance, as one prominent Wall Street figure learned after losing the management of at least $1 billion in assets over his disparaging remarks about women.

Asset manager Ken Fisher apologized after his remarks with strong sexual undertones were challenged by a participant of his talk early in October.

Alex Chalekian said he felt so disturbed by some of Fisher’s remarks that he took to Twitter to vent his outrage.

He posted a video blasting Fisher’s references to “genitalia” and drug use, as well as his comparison of the recruiting of a new client to a crass and boorish attempt to pick up a girl in a bar.

Horrifying

“Things that were said by Ken Fisher were just absolutely horrifying,” Chalekian said. He said several women at the talk told him Fisher’s remarks made them feel “very uncomfortable.”

Fisher expressed regret for his comments, saying “I realize this kind of language has no place in our company or industry. I sincerely apologize.”

But the damage was done. Several financial entities broke ties with Fisher Investments, which manages some $112 billion.

According to a tally by the CNBC network, Fisher Investments lost around $1 billion in managed assets within days.

The total could grow, since Fidelity Investments, one of the world’s largest asset managers, expressed its unhappiness and said it was reviewing the relationship.