Advent and ADIA unit to acquire minority stake in Fisher Investments

(Reuters) -Fisher Investments on Sunday said U.S.-based private equity firm Advent International and a unit of the Abu Dhabi Investment Authority (ADIA) have agreed to acquire a minority stake in the money-management firm valuing it at $12.75 billion.

Fisher Investments said the investment will be in the range of $2.5 billion to $3 billion.

Ken Fisher will remain as the executive chairman and co-chief investment officer, and Damian Ornani will continue to be the CEO of Fisher Investments following the closure of the deal, expected later this year, the statement said.

The Wall Street Journal first reported the deal on Sunday.

Fisher Investments and Advent International had denied deal talks earlier this year.

Fisher Investments, founded by billionaire Ken Fisher, manages money for individuals and institutional investors. As of March 31, the firm had over $265 billion of assets under management, according to its website.

(Reporting by Devika Nair in BengaluruEditing by Chris Reese)