Fisher Investments says its contract’s termination date is Oct. 13.
In its Sept. 13 letter to the Retirement Fund, Fisher Investments vice chairman Jeff Silk stated, “Pursuant to Section 4.7 of the Investment Management Agreement dated as of November 29, 2007 between Fisher Investments and Northern Mariana Islands Retirement Fund, we hereby provide 30 days advance notice to terminate the IMA.”
As of Tuesday, the Fund had already lost its investment consultant Wilshire Associates Inc., actuary Buck Consultants, money managers Stralem & Company, BlackRock, and Fisher Investments.
Last week, during the Fund’s emergency board meeting, money managers hinted at the termination of their contracts owing to the enactment of Public Law 17-51.
BlackRock, a key money manager, had a self-terminating provision in its contract: when the law was signed, it automatically dissolved the contract.
Stralem & Co. also invoked the 30-day notice provision of its contract with the Fund.
The Fund and the retirees are encouraging those who support House Floor Leader George N. Camacho’s bill to repeal the law to attend the session in the House chamber at 1:30 p.m. Tuesday on Capital Hill.