- Harry and Meghan are joining Ethic, a $1.3 billion asset manager, as "impact partners."
- The couple told DealBook they hoped it would encourage younger people to invest in sustainable firms.
- Ethic, which was founded in 2015, specializes in ESG investing.
Prince Harry and Meghan Markle are getting into the investment business by joining a US asset manager as "impact partners," The New York Times' DealBook first reported Tuesday.
The couple are to join Ethic, which has $1.3 billion under management in the environmental, social, and governance (ESG) space, per DealBook.
The couple were introduced to Ethic by friends, Meghan told DealBook in a joint interview with Harry. They became investors in the asset manager earlier this year, and also have investments managed by Ethic, the company said in a press release.
"From the world I come from, you don't talk about investing, right?" Meghan told DealBook. "You don't have the luxury to invest. That sounds so fancy.
"My husband has been saying for years, 'Gosh, don't you wish there was a place where if your values were aligned like this, you could put your money to that same sort of thing?'"
Harry and Meghan said in the Dealbook interview that they hoped the move would help democratize investing and encourage younger people to choose to invest in sustainable companies.
Harry told DealBook that young people were already "voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from." He suggested that it was natural to do the same with investments.
Meghan and Harry have been building a business empire after stepping down from royal duties and moving to the US. They've signed deals with Spotify and Netflix, and Harry has taken on an executive role at a Silicon Valley mental health and coaching startup.
Ethic was founded in 2015. In March 2021, it closed a $29 million Series B fundraising. In July 2019, Ethic raised $13 million in a Series A financing round from Fidelity, Ashton Kutcher's Sound Ventures, and others.