Vivek Ramaswamy’s asset management firm seeks to end ‘woke’ meeting rooms

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For too long Vivek Ramaswamy say it largest asset managers – think Black Rock, Vanguard and State Street – have been more concerned with politics than performance when it comes to where they invest.

Now Ramaswamy, who grew up in the Cincinnati area, has launched a new Greater Columbus-based asset management company called Strive Assessment Management, which he says will do the opposite.

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His company has raised over $20 million from some of the biggest names in business to support him. The company plans to launch its first product this fall.

“The company’s mission is to give voice back to the ordinary citizen,” said Ramaswamy, who co-founded the company with Anson Frericks this year.

Vivek Ramaswamy, co-founder of Strive Asset Management

Strive argues that Blackrock, Vanguard and State Street, which control more than $20 trillion in assets, practice what is called stakeholder capitalism in that they use client funds to advance what he calls out ideologies that some don’t like, like fighting climate change and ensuring representation of women and minorities on corporate boards.

Backers of the new company include PayPal co-founder Peter Thiel, who is a supporter of conservative causes and helped GOP candidate JD Vance run for U.S. Senate — as well as fund manager Bill Ackman, Cantor Fitzgerald chairman and CEO Howard Lutnick and others.

Ramaswamy has built those kinds of relationships over the years as a conservative author and as a hedge fund executive.

He wrote “Woke, Inc.: Inside Corporate America’s Social Justice Scam” and is the founder and executive chairman of Roivant Sciencesa biopharmaceutical company focused on applying technology to drug development.

Corporate advocacy for progressive issues creates fiduciary issues and forces companies to focus less on their mission and pay more attention to social and political issues, such as Coca-Cola and Delta Air Lines get involved in Georgia’s new election law Where Disney’s fight against Floridadiscriminatory law it’s called “Don’t Say Gay”.

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Anson Frericks, co-founder of Strive Asset Management

“The company’s mission is to restore the voice of the ordinary citizen in the economy by advancing a simple worldview in the boardrooms of American corporations: seek excellence in your products and services at your clients compared to any other program, including social and political programs,” Ramaswamy said. country equally divided on many, if not most, issueshe doesn’t explain who he thinks this ordinary citizen is, or what exactly he believes.

Ramaswamy said many investors don’t even know that money from their investment or retirement accounts ends up in one of the big investment companies, let alone that some of those companies are promoting issues that can go contrary to conservative beliefs.

“They’re advancing a point of view and it’s a point of view to advance a certain political and social agenda that most of their end customers don’t agree with,” he said, although it provided no data to support the claim that “most” customers disagree.

Ramaswamy thinks investors have no other choice.

“The eye-opening moment for me was that there is not a diversity of opinions and voices reflected in the institutional asset management industry today,” he said. he declares.

The founders are both from Cincinnati and met in high school. The company’s offices are in Dublin for now as the two round out their staff, which now numbers 10 employees.

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@BizMarkWilliams

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