The state of Michigan will no longer work with financial adviser Fisher Investments.
That's after CNBC and the Washington Post reported the group’s founder and CEO Ken Fisher made crude comments at the Tiburon CEO Summit in San Francisco.
Fisher Investments had managed the state's Retirement Systems funds for 15 years.
The Michigan Department of Treasury's Bureau of Investments ended its $600 million contract after Fisher made explicit comments about genitalia.
He also compared his wealth management strategy to picking up women for sex.
In a letter obtained and posted by CNBC, Michigan Chief Investment Officer Jon Braeutigam said the state is breaking ties with the financial adviser group because the comments by Ken Fisher were "completely unacceptable,” and that “prompt termination” was the best thing to do.
Fisher also talked about doing acid and said charities are immoral, according to the Washington Post.
Fisher apologized after the comments were made public at the traditionally tight-lipped conference.
The public pension retirement funds will now be managed internally.
