Investment firm offers Clark County Today more insight into its intent to move its headquarters from Camas to Texas
Ken Vance, editor
Clark County Today
It appears the Washington State Supreme Court’s decision on the constitutionality of the state’s new capital gains income tax law will have a long-term impact on the Clark County business community.
Camas-based Fisher Investments announced Friday that as a result of the State Supreme Court’s ruling, issued that same day, it would be relocating its headquarters from Washington to Texas. On Tuesday, Naj Srinivas, senior vice president–corporate communications for Fisher Investments, told Clark County Today that will amount to a gradual shift of employees from its Camas location to Texas. The company, one of Clark County’s largest employers, opened its Camas office in 2007.
“Our Camas, WA facility will remain open and there will be no impact to current employees outside of Texas, except many associated with the Camas headquarters now will choose to move,’’ Srinivas wrote in an email response to Clark County Today. “However, our hiring shifts to Plano (Texas) and we will increase transfers so with time our Camas, WA headcount will shrink from our current 1,800+ and Plano, Texas will grow steadily from our current 1,200. This should have no impact on our ability to conduct business, serve our clients, or our future growth.”
The Washington State Supreme Court upheld the constitutionality of the state’s capital gains tax. The court released its 7-2 ruling on Friday morning. The Washington State Legislature passed the capital gains tax in 2021, and Gov. Jay Inslee signed it into law. It creates a 7 percent tax on profits of more than $250,000 from the sale of some assets, such as stocks and bonds.
Last March, Douglas County Superior Court Judge Brian Huber ruled the tax was “properly characterized as an income tax…rather than as an excise tax as argued by the State” and struck it down. The state constitution’s uniformity clause does not allow income to be taxed at different rates. State Attorney General Bob Ferguson directly appealed the decision to the Supreme Court, which in July agreed to hear the case. In November, the Supreme Court allowed the state Department of Revenue to begin collecting the tax white it considers the state’s appeal. After the State Supreme Court ruling was announced Friday, Fisher Investments issued a statement.
“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,’’ read the statement.
Ken Fisher founded Fisher Investments in 1979. From the start, Fisher Investments has managed discretionary assets with a fundamental belief in capitalism and free capital markets.
In the mid-1990s, Fisher Investments began offering separate portfolio management services directly to high net worth individuals under its US Private Client Group. It expanded service offerings into Canada and established Fisher Investments Europe in the United Kingdom in the early 2000s. In 2007, Fisher Investments entered into a joint venture partnership (now a wholly owned subsidiary of Fisher Investments), Grüner Fisher Investments GmbH, which serves investors in Germany.
By 2012, Fisher Investments Europe (a subsidiary of Fisher Investments) began conducting business in other European countries. Today, Fisher Investments and its subsidiaries operate in 14 offices — and serve over 100,000 clients globally.
As of March 31, 2022, Fisher Investments and its subsidiaries managed over $197 billion in assets globally — over $156 billion for private investors, $39 billion for institutional investors and $2 billion for US small to mid-sized business retirement plans.
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I can hear them now! The “excise tax” only effects the rich! Listen dunderheads, it affects JOB CREATORS! Yes, companies that employ people. When businesses flee this state they take the jobs with them. It looks like here with Fisher it will be a slow bleed, but a bleed nevertheless. Businesses are pulling up stakes and leaving and for good reason. And next door in Portland, businesses are shuttering their doors and are moving out of the once beautiful city that liberal policies are turning into a haven for theft and dangerous criminals, vandals and drug dealers. Nice going.
Well when California ruins their own State and there is nothing left to screw up
MOVE NORTH ….to Alaska… every stop on the way.
I remember 10 years ago when Fisher decided to move its’ then corporate HQ out of Silicon Valley to Camas. There was an influx of high-paying white collar jobs to Camas which really helped Camas not only with those jobs but with other community supporting jobs like restaurants and other retail businesses.
I’ve seen it happen before where the official statement is that moving jobs will be slow and not really affect the community. – It’s political BS. The white collar jobs leave, and in our case, the people with leave with the jobs. After all, Camas/Vancouver area doesn’t have a large community of financial services jobs. (And very few people in professional jobs want to work in downtown Portland these days, for obvious reasons.)..
In their infinite wisdom, the state government has screwed us once again……….
We will be moving out of Washington by end of 2024. The politicians in this state are apparently trained by the Communist Chinese. Run before they start mandating organ harvesting to pay your taxes!!!