Ken Fisher, the founder and owner of Fisher Investments, is set to see his net worth more than double, reaching $12.2 billion, following the sale of a minority stake in his investment firm. The deal, which values Fisher Investments at $12.75 billion, is expected to be finalized later this year.

What Happened: Fisher’s wealth is anticipated to increase by $7 billion due to the sale of a minority stake in Fisher Investments, reported Bloomberg. Private equity firm Advent International and a unit of Abu Dhabi Investment Authority are purchasing the stake for a sum between $2.5 billion and $3 billion.

"This transaction is aimed dually at estate tax and planning purposes while assuring that FI will maintain its traditional culture, growth evolution and devotion to exceptional client service," Fisher said in the statement. "FI has been my life."

After the deal is finalized, Fisher will rejoin Bloomberg’s 500 wealthiest people list. The 73-year-old finance billionaire, who is the founder and owner of Fisher Investments, will have a net worth of approximately $12.2 billion. This will be the first time he has been on the list since 2022 when the entry threshold was lower.

Despite the sale, Fisher will maintain the majority of beneficial ownership and over 70% of the voting shares. The transaction is expected to be completed later this year. Fisher’s current net worth of $5.2 billion is linked to a valuation of Fisher Investments based on the average price-to-assets under management ratio of three publicly traded peers.

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Why It Matters: Fisher, who was trained in the markets and investing by his father, Philip Fisher, a well-known money manager and author, started his namesake advisory in 1979. Five years after publishing his first book, “Super Stocks,” he started contributing columns to Forbes. He relocated his firm from California to Washington state in the mid-2010s seeking a friendlier business climate.

Last year, Fisher moved his headquarters again, this time to a suburb of Dallas, prompted by a Washington Supreme Court ruling that the state’s plan to implement a 7% capital gains tax on its wealthiest citizens was constitutional.

Earlier this year, Fisher Investments denied acquisition discussions with Advent International. The firm, recognized for its extensive advertising campaigns, debunked the acquisition rumors, asserting that neither Advent International nor any other entity was in the process of purchasing the firm.

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Image Via Wikimedia Commons

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote