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Michigan cuts ties with investment firm

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The State of Michigan has cut ties with an investment firm after some sexually explicit comments from their CEO.

CNBC and The Washington Post reported that Fisher Investments Founder and CEO Ken Fisher made crude comments at a CEO summit in San Francisco.

Some of those comments involved genitalia, prostitution and illegal drug use.That prompted the Michigan Department of Treasury to end a 15-year relationship the firm, which was managing the state’s Retirement Systems Funds.

The contract was worth $600 million to Fisher Investments.

The funds will instead be managed internally.

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