Fisher Investments named longtime employee Damian Ornani to replace Ken Fisher as CEO.
Mr. Ornani will take over as CEO on July 1. Mr. Fisher will stay on as executive chairman and co-chief investment officer of the firm he founded in 1979. Mr. Ornani was president, private client acquisition and service. In his new role, he will continue the Camas, Wash.-based firm's international expansion and U.S. push into the 401(k) retirement plan market for small businesses.
Fisher Investments manages about $65 billion of assets: $28 billion is managed for global institutional clients, more than $15 billion of which is in U.S. institutional tax-exempt assets. It also has $32 billion for high-net-worth individuals in the U.S. and $5 billion internationally. The firm has offices in Europe, Asia and Australia; about 15% of its 2,100 employees are outside the U.S.
“When I got here 20 years ago, we had about 30 or 40 employees and $1.5 billion of assets,” said Mr. Ornani. “We have been very focused on organic growth” and will continue to be.
In handing over the CEO reins, Mr. Fisher has no plans to slow down and will stay focused on the investing side of the business, as well as communicating with clients and helping to set the firm's long-term strategy.
“I'm going to be working my normal, 60 hours a week,” he said. "I'm not going anywhere.”
"Fisher Investments names new CEO" originally appeared on InvestmentNews, a sister publication of Pensions & Investments.