Prince Harry and Meghan Markle, formally known as the Duke and Duchess of Sussex, have set their sights on the investment world by partnering with Ethic, a fintech asset manager focused on the environmental, social and governance (ESG) space.
What Happened: According to a New York Times report, the royals will be serving as “impact partners” and investors. Neither has any certification that would enable them to manage assets or provide investment advice.
Ethic was founded in 2015 and currently has $1.3 billion under management. Co-founder Doug Scott told the Times that Ethic performs due diligence on companies and sectors through a social responsibility criteria checklist that includes a commitment to issues including racial justice, climate and labor issues.
Ethic creates separately managed accounts for investors to put their money into social responsibility themes, and it recently developed the “Sustainability for Everyone” that scores a person’s portfolio along different ESG dimensions.
Related Link: Jon Gruden Resigns As LA Raiders Head Coach Amid Report Of Offensive Emails
What Else Happened: Speaking with the Times, Markle said the couple was introduced to Ethic through mutual friends who were aware of their interest in sustainable investing.
“My husband has been saying for years, ‘Gosh, don’t you wish there was a place where if your values were aligned like this, you could put your money to that same sort of thing?’” she said.
For the prince, sustainable investing was the next logical step for the younger demographic’s display of financial power.
“You already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from,” he said.
Since stepping back from their traditional royal duties in 2020 and relocating to Los Angeles to pursue a more capitalist lifestyle, the couple has signed production deals with Netflix NFLX, Apple Inc. AAPL and Spotify SPOT.
Outside of show business, the couple, through their Archwell Foundation nonprofit, recently announced a partnership with Procter & Gamble Co. PG in what has been promoted as a multiyear global collaboration designed to build “more compassionate communities” around the world.
Prince Harry has also been hired at BetterUp, a coaching, content and care provider based in San Francisco.
Photo: Northern Ireland Office / Wikimedia Commons.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
