Biotech entrepreneur and GOP presidential hopeful Vivek Ramaswamy, who founded Strive Asset Management as an answer to the “woke” investment practices of established firms like BlackRock Inc., is now setting the course to pivot from an “anti-ESG” base for his growing company. The so-called “woke” practices refer to the integration of environmental, social, and governance (ESG) factors into investment decision-making, a strategy that Strive was designed to question.
As Strive enters into its second year with asset management exceeding $1 billion, Ramaswamy and his colleagues are reportedly working on shedding the “anti-ESG” or “anti-woke” labels. The labels, they believe, might hinder the firm’s growth.
Instead, the leaders at Strive are now endorsing a philosophy that companies should prioritize shareholders’ views on operating to maximize profit. This viewpoint, termed “shareholder primacy,” represents a departure from the stakeholder capitalism model that has gained traction globally. The company has even taken steps to strengthen its fledgling advisory unit with hires specializing in governance matters.
Echoing the firm’s shift in approach, Ramaswamy leveraged the recent GOP primary debate to reiterate that he founded Strive as a competitor to BlackRock, challenging its approach to ESG investment.
To read more, find the original article on Bloomberg Law here.