Vivek Ramaswamy, co-founder and executive chairman of Strive Asset Management, announced he will seek the Republican nomination for president in 2024.
Mr. Ramaswamy, an outspoken critic of ESG investing in state and large private corporate financial institutions posted an official announcement video on YouTube.
Mr. Ramaswamy was not immediately available for comment.
Strive, which launched last May with the backing of PayPal co-founder Peter Thiel and Bill Ackman, founder and CEO of Pershing Square Capital Management, seeks to "restore the voices of everyday citizens in the American economy by leading companies to focus on excellence over politics," according to its website.
Strive has launched several ETFS, such as its Strive U.S. Energy ETF that passively exposes investors to the U.S. energy sector and its Strive U.S. Semiconductor ETF, which gives investors exposure to the U.S. semiconductor industry.
In August the firm brought on two former State Street Global Advisors executives, Joyce Rosely and Robert Melton, as executive vice presidents and co-head of institutional sales and distribution.
Mr. Ramaswamy's views on ESG investing are in line with other Republicans concerned that firms are placing too much of an emphasis on politics rather than their duties as fiduciaries.
According to a statement from Strive, Mr. Ramaswamy has stepped down as executive chairman and has yielded his operational responsibilities at the company. Anson Frericks, who co-founded Strive with Mr. Ramaswamy, will fill his seat on its board of directors while continuing to serve as president.
Justin Danhof, Strive's head of corporate governance, said in an interview that despite Mr. Ramaswamy's departure from the company, its mission and strategy is unchanged. Mr. Danhof said the firm does not endorse or campaign for any candidate.
"We are focused on our differentiator, which is our corporate governance," he said. "That is how we vote our corporate proxies and how we engage businesses with our excellence message, moving away from mixed motivations and non-pecuniary interests. That will be at the core of our product offerings as they have been since our first product launch last August."
Mr. Danhof added that a priority for the firm will be pitching itself to large institutional investors in states such as Texas and Florida that have either banned or divested from large asset managers such as BlackRock, Vanguard Group and SSGA over ESG investing.
Strive has $650 million in assets under management.
