BOSTON (Reuters) – A Texas retirement system and Goldman Sachs Group Inc pulled a combined $584 million from Fisher Investments on Friday, after allegations that firm founder Ken Fisher made sexist comments at a conference. <\/p>\n
FILE PHOTO: Columnist and Investor Ken Fisher speaks to Reuters in New York, April 14, 2010. REUTERS\/Brendan McDermid\/File Photo<\/span><\/p>\n<\/figcaption><\/div>\n<\/div>\n The withdrawals come despite an apology from Fisher and new diversity initiatives by his firm. Those efforts may help Fisher maintain its asset base, which stood at $114 billion this week and is concentrated among high net worth individuals. <\/p>\n But holding on to high-profile pension and fund contracts may now prove difficult. On Friday, a spokeswoman for the Texas Employees Retirement System said after a due diligence review sparked by Fisher\u2019s comments it is withdrawing $350 million from Fisher, citing \u201cour fiduciary duty.\u201d <\/p>\n The money is being redistributed within a portfolio of stocks, said spokeswoman Mary Jane Wardlow. <\/p>\n In addition, a securities filing on Friday by Goldman Sachs states Fisher\u2019s asset management unit will no longer be a subadviser to the $600 million Goldman Sachs Multi-Manager Global Equity Fund , effective on or around Oct. 31. <\/p>\n A Goldman Sachs spokesman did not comment on how much Fisher manages for the fund or give a reason for the change. Fisher was among 10 outside managers listed by the fund in a company disclosure as of March. Fisher managed $234 million for the fund, according to a source close to the matter. <\/p>\n Fisher did not comment on the moves, which bring to more than $3 billion the total withdrawn after comments Fisher made at an investor conference this month. Others that dropped his firm include Fidelity Investments and pension managers in Michigan and Iowa. <\/p>\n According to a conference attendee, Fisher made derogatory remarks about genitalia and picking up girls among other topics. <\/p>\n After a public backlash, Fisher apologized in a memo to his firm\u2019s employees, and to the public. <\/p>\n \u201cSome of the words and phrases I used during a recent conference to make certain points were clearly wrong and I shouldn\u2019t have made them. I realize this kind of language has no place in our company or industry. I sincerely apologize,\u201d Fisher said in a statement sent by a representative. <\/p>\n