Fisher Investments is relocating its headquarters from Camas, Washington to Texas after the Washington State Supreme Court ruled that a capital gains tax is constitutional. Some employees from the Washington office will relocate to Plano.
"In honor of the Washington State Supreme Court's wisdom and knowledge of the law, and in recognition of whatever it may do next, Fisher Investments is immediately moving its headquarters from Washington State to Texas," Fisher said in a one-sentence news release on March 24, 2023.
According to WFAA, Fisher is one of the largest employers in its current Washington county with around 1,800 employees. Despite moving the headquarters, the company will not close its Washington office but some staff will transfer to Plano, Texas. The company says it currently has 1,200 employees in Plano. Fisher estimated the process of moving would be complete before June 30, 2023.
Fisher Investments and its subsidiaries manage just over $197 billion in assets. Private investors account for $156 billion of that, with institutional investors and business retirement plans making up the rest. Fisher Investments maintains four principal business groups: U.S. private client, institutional, private client international and 401k solutions. Fisher is among the 400 richest Americans with a net worth estimated at $6.7 billion.
The move comes after the Washington State Supreme Court voted to uphold a tax for the state's top investment earners. It collects a 7% tax on profits made from stocks, bonds and other high-end assets in excess of $250,000 for both individuals and couples. The tax is expected to be paid by approximately 7,000 people in Washington.
The tax is expected to raise hundreds of millions for the state, which would go to education. When the governor signed the new tax into law in May 2022, Washington joined 41 states in having a capital gains tax.