Fidelity Pulls $500 Million From Fisher as Big Clients Flee

Fidelity Investments is pulling the $500 million it has invested with Ken Fisher’s investment firm, according to people familiar with the matter.

The move by the mutual fund giant is part of a growing exodus of big clients in the wake of vulgar comments made by Fisher at an industry conference. Fidelity’s divestment brings the total yanked from Fisher Investments to more than $1.8 billion.

Fisher Investments is seeing an intensifying backlash since the firm’s founder made offensive comments about women, spoke of genitalia and then failed to immediately understand the gravity of his words. Fidelity joins pensions in Iowa, ...