LANSING, Mich. (AP) — The state of Michigan’s retirement systems have ended a contract with an investment company that managed more than $600 million in pension funds after the CEO made “completely unacceptable” comments at a conference.
The Michigan Department of Treasury’s Bureau of Investments fired Fisher Investments last week. The decision came two days after the Camas, Washington-based company’s founder and CEO Ken Fisher spoke at the Tiburon CEO Summit in San Francisco.
CNBC obtained audio of Fisher referencing genitalia. The Washington Post reported that he spoke of doing acid and his belief that charities are immoral.
The retirement system’s chief investment officer, Jon Braeutigam, notified Michigan’s investment board of the move Thursday. He said, “There is no excuse to not treat everyone with dignity and respect.”
Michigan’s retirement systems have more than $70 billion in assets.