HARRY AND MEG, HIPPY BANKERS’
They invest in ‘ethical’ firm and modestly pledge to ‘help solve global issues we face’
THEY have already branded themselves producers, podcasters, authors and ‘wellness coffee’ supremos.
And yesterday Harry and Meghan announced they are moving into banking and modestly vowed to ‘change the world’.
The Duke and Duchess of Sussex said they have put their money into an ethical investment firm, whose owners are self-styled ‘hippies’ – albeit ones who manage a $1.3billion (£732million) Wall Street fund – and are now its official ‘impact partners’.
Business experts declared themselves flummoxed at what an ‘impact partner’ was, although the best guess seemed to be a super-charged brand ambassador.
Harry and Meghan, however, seemed thrilled to bits, writing on their website, without any reference to the financial benefits they are likely to reap from the firm, Ethic: ‘When we invest in each other we change the world.
‘Be it through the investment of time (as with mentoring), investment in community (as with volunteering), or the investment of funds (for those who have the means to), our choices – of how and where we put our energy – define us as a global community.
‘We believe it’s time for more people to have a seat at the table when decisions are made that impact everyone. We want to rethink the nature of investing to help solve the global issues we all face.
‘Our impact partnership with Ethic is one of the ways we put our values in action.’ In a joint interview with the New york Times Dealbook newsletter, the couple crowed about the move.
‘From the world I come from, you don’t talk about investing, right?’ said Meghan, 40, who claimed they were introduced to Ethic by ‘friends’. She added: ‘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?”’ The couple said they hoped their involvement would help ‘democratise’ investing, making people – especially younger people – more conscious of investing in sustainable companies. ‘you already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from,’ Harry, 37, said.
Ethic was set up by a British man, Edinburgh University-educated Jay Lipman who has relocated from London to the US.
Having worked for Deutsche Bank, he claims to only now invest in businesses that meet Ethic’s ‘social responsibility criteria’, including on racial justice, climate change and workplace standards such as gender equality and fair pay. His co-founders are Australians Doug Scott and Johny Mair, who worked for banks investing in gas and oil.
Mr Lipman has said previously that Ethic ‘loves hippies’ to invest with them, because he and his team consider themselves hippies too. He claims clients make just as much money with them as those putting money into more traditional portfolios including fossil fuels and tobacco companies.
In a statement yesterday the firm said it had ‘strived to…make capital markets a powerful force for good’. This was done by ‘having hard conversations, putting real action behind our words, and not being afraid to do things a bit differently’. It said: ‘Prince Harry and Meghan, the Duke and Duchess of Sussex, share a lot of values with us, and we suspect, with many of you as well. That’s why we’re so excited that they’re joining us as impact partners.
‘They’re deeply committed to helping address the defining issues of our time – such as climate, gender equity, health, racial justice, human rights, and strengthening democracy – and understand that these issues are inherently interconnected.
‘So much so, in fact, that they became investors in Ethic earlier this year and have investments managed by Ethic as well.
‘Now they want to shine a light on how we can all impact the causes that affect our communities, bring transparency into
‘That sounds so fancy’
‘Not afraid to do things differently’
how the corporate world sets the tone and shapes outcomes for everyday families, and believe that more people should have a seat at the table when it comes to making progress.
‘With their partnership, our shared vision for a world in which all investing is sustainable investing can reach many millions around the globe.’
Since quitting royal duties and moving to the US – and promising the Queen they would not bring the monarchy into disrepute – the Sussexes have signed lucrative deals with media companies such as Netflix and Spotify, while Harry has become ‘chief impact officer’ for an online counselling firm.
They have also given a wealth of interviews critical of the Royal Family, while Harry is writing his memoir due to be brought out next year just after the Queen’s Platinum Jubilee.