A values-based mutual fund pioneer from the Pacific Northwest passed away last month at the age of 79.

the late Nicholas Ferguson Kaiser 1946 - 2025

Nick Kaiser died at home in Ponte Vedra Beach, Florida on July 25, after a fight with cancer, MFWire has learned. He was the founder and principal owner of Bellingham, Washington-based Saturna Capital Corporation [profile], provider of the Amana Funds and Saturna Funds families.

Nicholas Ferguson Kaiser was born in Bellingham in 1946. He served in the U.S. Army, earned his bachelor's degree in economics from Yale in 1966, and earned a dual international economics and finance MBA from the University of Chicago in 1968.

Nick Kaiser and his first wife, Markell Foote Kaiser, bought Indianapolis-based Unified Management Corporation in 1976, turning it into a mid-sized investment management firm and brokerage. A group of Muslim business leaders approached Nick Kaiser in 1984 about offering faith-based mutual funds, specifically ones following Islamic principals by avoiding investments in alcohol, banks, gambling, pork, and pornography. In 1986, they rolled out the Amana Mutual Funds Trust; the team lays claim to the funds being the United States' first actively managed Halal mutual funds.

Also in 1986, the Kaisers sold Unified Management Corporation to an insurance company, Mutual of New York. Nick Kaiser returned to Bellingham and founded Saturna in 1989, which promptly took over the Amana Funds business.

Long before the rise of the ESG investing label, Nick Kaiser and his Saturna team rolled out a series of sustainablility-focused mutual funds. His vision for the firm focused on offering investors capital preservation and a long-term, ethical investment perspective. "The money you don't lose is the easiest money you can make," was a common saying of his.

In 2010, Nick Kaiser passed the reins to one of his daughters, Jane Carten, who took over as president of Saturna and continues lead the firm today. Nick Kaiser stayed on as global strategist.

In the 36 years since Nick Kaiser founded Saturna, it has grown to have 127 employees and $9.3 billion in AUM*. The Saturna team now offers 12 actively managed U.S. mutual funds (including 8 Saturna funds and 4 Amana funds), plus an SMA offering, a European ETF, and a CIT. They also provide trust services, 401(k)s, HSAs, and brokerage services, and they have a Malaysian subsidiary in Kuala Lumpur that offers institutional investment management services and two retail mutual funds.

A spokesperson for Saturna confirms that the firm will stay in Nick Kaiser's family.

"Nick's ownership stake transferred to his 5 direct descendants," the spokesperson for Saturna writes to MFWire. "Collectively, they own 80% of the company."

Outside Saturna, Nick Kaiser's industry involvement included serving as national president of the No-Load Mutual Fund Association and president of CFA and Financial Planning Association chapters. He also served as a governor of the Investment Company Institute (ICI).

Nick Kaiser served on the boards of Franklin Academy and the Mt. Baker Foundation, endowed the Kaiser Professorship in International Business at Western Washington University, and volunteered with B.C.'s Island Trust Fund, Bellingham Rotary, Fourth Corner Economics Club, the Mt. Baker Council of the Boy Scouts of America, and St. Paul's Episcoal School. He was also an avid ocean sailor, pilot, reader, and skier.

The late Nick Kaiser is survived by his second wife, five children, two stepchildren, four siblings, six grandchildren, and other friends and family. A celebration of life is scheduled for October 12 in Bellingham. In lieu of flowers, Nick Kaiser's family is directing donations to the Mount Baker Scout Foundation in Everett, Washington.

*As of July 31, 2025. 

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