Harry and Meghan move into ethical banking
Meghan and Harry pictured in Edinburgh (pic: Terry Murden)
The Duke and Duchess of Sussex are moving into investment banking by joining a New York-based ethical asset manager co-founded by an Edinburgh University graduate.
Harry and Meghan, who are believed to be close to building a $1billion brand in the US, will become “impact partners” and inject funds into companies they deem to have positive environmental and social goals.
The move follows recent deals with Netflix and Spotify worth £100 million and was accompanied with a statement that said: “When we invest in each other we change the world.”
Ethic is a $1.3 billion business set up by Edinburgh University graduate Jay Lipman, described as a Prince Harry lookalike from London, now settled in the US having worked for Deutsche Bank.
Jay Lipman: co-founder
His co-founders are Australians Doug Scott and Johny Mair, who worked for banks investing in gas and oil before switching to clean energy and other environmental and social assets.
Ethic’s website said it aims to empower wealth advisors and investors to create portfolios that align personal values with financial goals.
The Sussexes hope their involvement will encourage young people to be conscious of the sustainability of their own investments.
Harry and Meghan’s Archewell website confirmed their latest business partnership, linking to a New York Times story which featured the headline ‘Harry and Meghan Get into Finance’.
Harry told the paper that he suspected young people in future would demand their money was invested in ethical companies.