For-profit

Strive Asset Management

Website:

striveassetmanagement.com

Type:

Asset Management Firm

Location:

Columbus, Ohio [24]

Founded:

2022

Founders:

Vivek Ramaswamy and Anson Frericks [25]

Strive Asset Management is an Ohio-based asset management fund opposed to making investment decisions based on Environmental, Social, and Corporate Governance (ESG) criteria. It asserts that large asset management firms tell publicly traded companies “to adopt divisive social and political agendas that most Americans disagree with.” [1]

Vivek Ramaswamy, the author of the ESG-critical book Woke, Inc.: Inside Corporate America’s Social Justice Scam, [2] and Anson Frericks co-founded the firm. [3] Early financial backers have included PayPal co-founder Peter Thiel and CEO of Pershing Square Capital Management Bill Ackman. [4]

Background

Strive Asset Management launched in the third quarter of 2022 asserting it would compete with the largest asset managers, and would take on “stakeholder capitalism” that focuses on environmental, social, and corporate governance issues (ESG) that lead to political agendas. [5]

Strive announced that it would create funds to send a message to American companies that they should consider the value of the client’s investment rather than political or social motives. [6] Strive announced funds to be listed on the New York Stock Exchange, including a Strive 500 ETF to track the largest 500 stocks in the U.S. market based on market capitalization. [7]

Strive also engages in shareholder proposals asking companies to change their operation or behavior. Strive says it will hold companies accountable to investors and applaud companies when warranted. [8]

Strive co-founder Vivek Ramaswamy said the top three asset management firms, BlackRock, State Street, and Vanguard “are all advancing this monolithic viewpoint that doesn’t represent the true diversity of underlying perspectives in the American economy.” [9]

Financing

PayPal co-founder Peter Thiel and CEO of Pershing Square Capital Management Bill Ackman were among the early financial backers providing seed money for Strive. [10]

Joe Lonsdale, the co-founder with Thiel of the software maker Palantir Technologies, as well as Cantor Fitzgerald Chairman and CEO Howard Lutnick also provided early investment for Strive. [11]

By May 2022, Strive announced that it had raised about $20 million from venture capitalist and entrepreneurs. [12]

Leadership

Vivek Ramaswamy is the co-founder and executive chairman of Strive Asset Management. He is the founder and former CEO of Roivant Sciences [13] and is the author the 2021 book Woke, Inc. that criticizes ESG activism. [14] He sits on the board of Philanthropy Roundtable, [15] a philanthropic association committed to private voluntarism and respect for donor intent. [16]

Anson Frericks is the co-founder and chief operating officer of Strive Asset Management.

Previously, he led finance, sales, and marketing operations as president of Anheuser Busch Sales and Distribution Company. He also previously worked in private equity. [17]

Matt Cole is head of products and investments of Strive Asset Management. [18] Cole previously worked as a portfolio manager for the California Public Employees Retirement System, also known as CalPERS. [19]

Justin Danhof is the head of corporate governance and chief compliance officer of Strive Asset Management. [20] He was previously executive vice president of the National Center for Public Policy Research, having also formerly worked as the center’s general counsel and director of its Free Enterprise Project. [21]

Ben Pham is executive vice president and head of strategy, finance, and operations of Strive Asset Management. [22]

Jeff Nye is executive vice president and head of distribution of Strive Asset Management. [23]

References

  1. Why Strive.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/why-strive/ ^
  2. Ramaswamy, Vivek. Woke, Inc.: Inside Corporate America’s Social Justice Scam. New York: Center Street, 2021. ^
  3. Morris, Joe. “Peter Thiel-Backed Start-Up Targets ‘Stakeholder Capitalism’.” Financial Advisor IQ. May 10, 2022. Accessed July 15, 2022. https://www.financialadvisoriq.com/c/3603424/462404/peter_thiel_backed_start_targets_stakeholder_capitalism ^
  4. O’Donnell, Kathie. “Manager backed by Thiel, Ackman to launch ETFs emphasizing excellence over politics.” Pensions & Investments. May 12, 2022. Accessed July 15, 2022. https://www.pionline.com/exchange-traded-funds/manager-backed-thiel-ackman-launch-etfs-emphasizing-excellence-over-politics ^
  5. Morris, Joe. “Peter Thiel-Backed Start-Up Targets ‘Stakeholder Capitalism’.” Financial Advisor IQ. May 10, 2022. Accessed July 15, 2022. https://www.financialadvisoriq.com/c/3603424/462404/peter_thiel_backed_start_targets_stakeholder_capitalism ^
  6. “Why Strive.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/why-strive/ ^
  7. Bell, Heather. “Newcomers & Industry Stalwarts Among Recent ETF Filers.” ETF.com. May 25, 2022. Accessed July 15, 2022.https://www.etf.com/sections/daily-etf-watch/newcomers-industry-stalwarts-among-recent-etf-filers?nopaging=1 ^
  8. “Corporate Governance.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/corporate-governance/ ^
  9. O’Donnell, Kathie. “Manager backed by Thiel, Ackman to launch ETFs emphasizing excellence over politics.” Pensions & Investments. May 12, 2022. Accessed July 15, 2022. https://www.pionline.com/exchange-traded-funds/manager-backed-thiel-ackman-launch-etfs-emphasizing-excellence-over-politics ^
  10.  O’Donnell, Kathie. “Manager backed by Thiel, Ackman to launch ETFs emphasizing excellence over politics.” Pensions & Investments. May 12, 2022. Accessed July 15, 2022. https://www.pionline.com/exchange-traded-funds/manager-backed-thiel-ackman-launch-etfs-emphasizing-excellence-over-politics ^
  11. Morris, Joe. “Peter Thiel-Backed Start-Up Targets ‘Stakeholder Capitalism’.” Financial Advisor IQ. May 10, 2022. Accessed July 15, 2022. https://www.financialadvisoriq.com/c/3603424/462404/peter_thiel_backed_start_targets_stakeholder_capitalism ^
  12. O’Donnell, Kathie. “Manager backed by Thiel, Ackman to launch ETFs emphasizing excellence over politics.” Pensions & Investments. May 12, 2022. Accessed July 15, 2022. https://www.pionline.com/exchange-traded-funds/manager-backed-thiel-ackman-launch-etfs-emphasizing-excellence-over-politics ^
  13. “Invest in Excellence.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/ ^
  14. Morris, Joe. “Peter Thiel-Backed Start-Up Targets ‘Stakeholder Capitalism’.” Financial Advisor IQ. May 10, 2022. Accessed July 15, 2022. https://www.financialadvisoriq.com/c/3603424/462404/peter_thiel_backed_start_targets_stakeholder_capitalism ^
  15. [1] “Vivek Ramaswamy.” Philanthropy Roundtable, April 4, 2022. https://www.philanthropyroundtable.org/team/vivek-ramaswamy/. ^
  16. “About.” Philanthropy Roundtable, August 3, 2022. https://www.philanthropyroundtable.org/about/. ^
  17. “Invest in Excellence.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/ ^
  18. “Our Team.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/our-team/ ^
  19. McElhaney, Alicia. “CalPERS Portfolio Manager Joins Strive Asset Management, the Anti-Woke Firm Backed by Peter Thiel and Bill Ackman.” Institutional Investor. May 23, 2022. Accessed July 15, 2022. https://www.institutionalinvestor.com/article/b1y56tj2yd33bf/CalPERS-Portfolio-Manager-Joins-Strive-Asset-Management-the-Anti-Woke-Firm-Backed-by-Peter-Thiel-and-Bill-Ackman ^
  20. [1] “Our Team.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/our-team/ ^
  21. “Justin Danhof.” National Center for Public Policy Research. Accessed August 8, 2022. Available at: https://nationalcenter.org/ncppr/staff/justin-danhof-esq/ ^
  22.  Our Team.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/our-team/ ^
  23.  “Our Team.” Strive Asset Management. Accessed July 15, 2022. https://striveassetmanagement.com/our-team/ ^
  24. O’Donnell, Kathie. “Manager backed by Thiel, Ackman to launch ETFs emphasizing excellence over politics.” Pensions & Investments. May 12, 2022. Accessed July 15, 2022. https://www.pionline.com/exchange-traded-funds/manager-backed-thiel-ackman-launch-etfs-emphasizing-excellence-over-politics ^
  25. Morris, Joe. “Peter Thiel-Backed Start-Up Targets ‘Stakeholder Capitalism’.” Financial Advisor IQ. May 10, 2022. Accessed July 15, 2022. https://www.financialadvisoriq.com/c/3603424/462404/peter_thiel_backed_start_targets_stakeholder_capitalism ^
  See an error? Let us know!