California Investment Manager Makes First US Acquisition

Christopher Owen

24 January 2008

California-based money manager Fisher Investments has made its first US acquisition as part of a plan to grow assets to $100 billion. Fisher, which has $45 billion under management, purchased EconoStrat Advisory Corporation of Bloomfield Hills, Michigan, for an undisclosed sum. Mark Scalzo, Fisher’s head of Mergers and Acquisitions, told Reuters: "Our goal generally for the next few years is to get to $100 billion in assets under management by largely continuing to do what we are doing by servicing high net worth clients but also to assist that growth with our acquisitions strategy.” He also said that the firm was working on a number of projects at the moment and that a second deal might be announced before the end of the first quarter. Fisher's assets have grown 286.5 per cent between 2003 and 2007, and the firm now has operations in Canada, the UK and Germany. EconoStrat, which had roughly $65 million in assets, approached Fisher during the summer. Fisher Investments' clients include large corporate and public pension plans, foundations and endowments, as well as more than 20,000 high net worth investors. The firm is headquartered in Woodside, California, and registered as an investment advisor with the Securities and Exchange Commission. Founder, chief executive and chief investment officer, Ken Fisher, has written Forbes magazine's "Portfolio Strategy" financial investment column since 1984.