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Fidelity Investments drops money manager over CEO's comments

Fidelity Investments has removed Fisher Investments as a money manager after its CEO, Kenneth Fisher, allegedly made sexist remarks at a financial conference, Reuters reported, citing a Fidelity spokesman.

Fisher Investments managed $500 million in Fidelity's $8 billion Fidelity Strategic Advisers Small-Mid Cap Fund, and those assets have been reallocated within the fund.

Fisher Investments has seen total withdrawals of about $1.8 billion since the comments came to light, and pension funds in Florida and Los Angeles are reviewing their relationships with the company, according to the report.