In the course of a week, three public pension plans decided to cut ties with Fisher Investments, pulling almost $1 billion in assets. The quick move surprised even the most experienced retirement plan lawyers.
"Some of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn't have made them," he said in a prepared statement. "I realize this kind of language has no place in our company or industry. I sincerely apologize."
Further, the Haverhill Massachusetts Retirement System, which has about $200 million in total assets, expects to address its next steps in an upcoming board meeting in November. Public retirement plans are subject to state law, and the boards that govern them are fiduciaries — even though the federal laws that apply to corporate 401 plans don't apply to them.
"There are a lot of quantitative and qualitative factors that are reviewed before deciding to remove someone," said Marcia Wagner, founder of The Wagner Law Group in Boston. "It isn't a snap decision."The research plan fiduciaries undertake before firing an investment manager include analyzing fees and performance and determining how that manager fits within the overall asset mix at the plan, said Wagner.
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