Depoliticizing Corporate America: Strive Asset Management Launches To Advance Excellence Capitalism Over ‘Stakeholder Capitalism’
Led by Vivek Ramaswamy and backed by some of America’s most prominent investors and entrepreneurs
Strive to launch funds that vote shares to lead American companies to embrace product excellence over politics – starting in Q3 2022
COLUMBUS, Ohio–(BUSINESS WIRE)–Today, Strive Asset Management (“Strive”) launches with the mission of restoring the voices of everyday citizens in the American economy by leading companies to focus on excellence over politics. Strive is led by co-founder and Executive Chairman Vivek Ramaswamy and has raised over $20 million from some of America’s most prominent venture capitalists and entrepreneurs.
Strive aims to solve a fiduciary problem created by the three largest U.S. asset managers — BlackRock, Vanguard and State Street — which control over $20 trillion in assets, exceeding the total U.S. gross domestic product. These “Big 3” firms bear a fiduciary duty to advance the best interests of their clients. Yet in the name of “stakeholder capitalism,” they use their clients’ funds to exercise decisive influence over nearly every U.S. public company to advance political ideologies that many of their clients disagree with. They engage in coordinated efforts to enact a uniform social agenda across corporate America resulting in higher gas prices and other consumer harms, which Arizona Attorney General Mark Brnovich recently called “the biggest antitrust violation in history.”
Strive offers a new alternative to the Big 3 and advances Excellence Capitalism, a new movement that leads American companies to focus exclusively on delivering excellent products and services to their customers, rather than mixing business with politics. Survey data suggest that most American consumers, voters and shareholders overwhelmingly agree with Strive’s approach over those of the Big 3 asset managers. Strive believes its approach will help revive true diversity of thought and restore true competition in American capital markets, a prerequisite for a well-functioning economy and democracy.